Over the last ten years productivity grew faster in Mapoli than in Romeria while the population and total hours worked remained the same in both countries. It follows that
a. real GDP per person grew faster in Mapoli than in Romeria.
b. real GDP per person must be higher in Mapoli than in Romeria.
c. the standard of living must be higher in Mapoli than in Romeria.
d. All of the above are correct.
a
Economics
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Increasing returns to scale in production means
A) more than 10% as much of all inputs are required to increase output 10%. B) less than twice as much of all inputs are required to double output. C) more than twice as much of only one input is required to double output. D) isoquants must be linear.
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