Refer to Table 11-1. Based on the table above, which country has a higher standard of living and why?
A) Sweden has a higher standard of living because their GDP per capita is higher.
B) Sweden has a higher standard of living because their GDP is higher.
C) Ireland has a higher standard of living because their GDP per capita is higher.
D) Ireland has a higher standard of living because growth in GDP is greater in Ireland than in Sweden.
C
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When you calculate GDP you need
A. the prices of goods & services B. the amount of goods & services produced C. both the prices and quantities of produced goods & services D. none of the above
Which of the following is true about labor productivity?
A) it is the amount of total factor productivity (TFP) per unit of labor B) it is more difficult to measure than TFP C) it is a more general and better measure of productivity than TFP D) all of the above E) none of the above