Suppose that real GDP grew more in Country A than in Country B last year
a. Country A must have a higher standard of living than country B.
b. Country A's productivity must have grown faster than country B's.
c. Both of the above are correct.
d. None of the above are correct.
d
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An increase in the stock of capital: a. causes a movement from a point on an economy's production possibilities curve to a point inside the curve. b. causes an economy's production possibilities curve to shift inward over time
c. causes an economy's production possibilities curve to shift outward over time. d. has no effect on the position of an economy's production possibilities curve over time.
Which of the following is a microeconomic question? a. How will a nation reduce the rate of inflation?
b. How will economic growth affect unemployment? c. How will a consumer maximize his utility? d. What are the factors that determine the standard of living in a country?