If over a short time a large number of teenagers become old enough to find employment and a much smaller number of people retire, then productivity
a. and real GDP per person rise.
b. rises but real GDP per person falls.
c. falls but real GDP per person rises.
d. and real GDP per person fall.
c
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If an economy is represented by a point inside its production possibilities curve
A) it cannot produce more of one product unless it stops producing the other product entirely. B) it cannot possibly produce more of one product, even if it produces less of another product. C) it can produce more of one product only if it produces less of another product. D) it can produce more of one product even if it does not produce less of another product.
In the above figure, Brendan originally consumes at point A. If his income rises and compact discs are a normal good but haircuts are an inferior good then he will begin consuming at a point such as
A) E. B) B. C) C. D) D.