Refer to the scenario above. What will be the difference in the GDP per capita of both countries at the beginning of year 2012?

Efficiency can correctly be defined as

A) producing outside the production possibilities boundary. B) minimizing opportunity cost. C) producing the maximum output with given technology and resources. D) providing for the immediate needs of the greatest proportion of the population.

Which of the following is explained by the price elasticity of demand for a product?

a. The effect of changes in price on the supply of the product b. The effect of changes in quantity on the supply of the product c. The effect of changes in quantity on the price of the product d. The effect of changes in price on the quantity demanded of the product e. The effect of changes in price on the quantity supplied of the product