The value of output was $1,000 billion in Northland and $2,000 billion in Southland. The population of Northland was 50 million and the population of Southland was 120 million. There were 30 million employed workers in Northland and 75 million employed workers in Southland. Average labor productivity was higher in ________ and the standard of living was ________.
A. Southland; the same in both countries
B. Northland; higher in Northland
C. Northland; the same in both countries
D. Southland; higher in Southland
Answer: B
Economics
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Beach resorts raise their prices during the summer months and yet more people book rooms at those times. Is this a violation of the law of demand?
Economics
Suppose that we are currently at point c in Figure 14.1. An increase in income taxes will result in a:
A. shift in the AD curve from AD1 to AD2. B. shift in the AD curve from AD1 to AD0. C. movement from point b to point a. D. movement from point a to point c.
Economics