Using the data in the above table
A) the variables quantity and price are positively related.
B) the variables quantity and price are negatively related.
C) the variables quantity and price are neither positively nor negatively related.
D) an increase in price is likely to cause an increase in quantity.
B
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Which of the following correctly describes the relationship between productivity growth, unemployment, and the economy's production possibilities frontier?
A) An increase in productivity moves the economy from inside the production possibilities set to its frontier. B) An increase in productivity shifts the economy from the production possibilities frontier to a point outside the production possibilities set. C) An increase in unemployment shifts the economy further inside its production possibilities set. D) An increase in unemployment shifts the economy from a point outside the production set back to the production possibilities frontier. E) A reduction in unemployment shifts the entire production possibilities frontier outward.
Refer to Table 11-2. Calculate the GDP per capita for each country in the table. Which country has the highest standard of living? Why?
What will be an ideal response?