The income per capita of two neighboring countries for a particular year were equal. However, Country 1 had a higher income per worker than Country 2. Which of the following is likely to be true?
A) The number of people unemployed is lower in Country 1 than in Country 2.
B) The number of children aged below 15 is higher in Country 2 than in Country 1.
C) The number of retired people is higher in Country 2 than in Country 1.
D) The number of people employed is higher in Country 2 than in Country 1.
D
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Of the following views on the effects of immigration on the receiving nation's economic growth, which have NOT been suggested by economists Michael Kremer and Julian Simon?
A) Technological progress is driven by population growth. B) Immigration increases a nation's labor pool and encourages ingenuity. C) Immigration costs the local population jobs and greatly lowers their incomes. D) Immigrants raise the standard of living of a nation's native population.
The saying that "There's no such thing as a free lunch" refers to the
A) spillover principle. B) marginal principle. C) principle of opportunity cost. D) reality principle.