Real GDP in the country of Oz is growing at 5 percent and its population is growing at 2 percent. In the country of Lilliput, real GDP is growing at 4 percent and its population is growing at 0.5 percent. Thus,
A) real GDP per person in Oz is growing at a faster rate than in Lilliput.
B) real GDP per person in Lilliput is growing at a faster rate than in Oz.
C) real GDP per person in Lilliput is growing at the same rate as in Oz.
D) real GDP per person in Lilliput is growing at a rate that is not comparable to that in Oz.
E) We need more information to determine if real GDP per person in Lilliput is growing faster or slower than real GDP per person in Oz.
B
You might also like to view...
The two cornerstones of Classical economics are the Quantity Theory and
A) Liquidity Preference Theory. B) disequilibrium analysis. C) Say's Law. D) the Phillips Curve.
Darryl would like to work as an accountant full time. A full-time position is not available, however, so he must accept a part-time job working 15 hours per week. The Bureau of Labor Statistics would categorize Darryl as
a. employed. b. unemployed. c. both employed and unemployed. d. not in the labor force.