If living standards in a country, as measured by output per person, decrease, then total output must have:
A. decreased more slowly than population decreased.
B. increased more slowly than population increased.
C. increased more rapidly than population increased.
D. increased at the same rate that population increased.
Answer: B
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Mexico City is notorious for its excessive pollution. Mexico's measure of GDP is
A) increased by the estimated value of the pollution's harm. B) not affected by the estimated value of the pollution's harm. C) changed by the pollution only when comparing its GDP with the U.S. GDP. D) decreased by the estimated value of the pollution's harm. E) None of the above answers is correct.
Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period
Producers in which nation have an incentive to specialize in orange production? A) The U.S. B) Canada C) Both of the above have an incentive to specialize in orange production. D) Neither of the above have an incentive to specialize in orange production.