According to the information, Japan's real GDP per person
A) is higher than Brazil's and therefore we can definitely conclude that economic well-being is higher in Japan.
B) is $33,000.
C) is lower than Brazil's, but its real GDP is higher which makes standard of living higher in Japan.
D) cannot be expected to change much given the other factors affecting GDP growth including political freedom and life expectancy.
B
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The government sometimes provides public goods because
a. private markets would not produce any of the goods. b. private markets would not produce the efficient quantity of the goods. c. private markets would charge too high a price for the goods. d. the government produces public goods more efficiently than private markets can.
Which of the following is the least efficient method of allocating import licenses by the government?
A. Resource-using application procedures B. A free lottery C. Fixed favoritism D. A competitive auction