Suppose that the following occurred in two countries during the past decade. Country X, real Gross Domestic Product (GDP) rose 40 percent and population rose 50 percent; Country Y, real Gross Domestic Product (GDP) increased 80 percent and population increased 70 percent. Based on this information, which is TRUE?
A. Both countries have experienced growth in per capita real Gross Domestic Product (GDP).
B. Chances for an improved standard of living are greater in Country X.
C. Only Country Y has experienced growth in its per capita real Gross Domestic Product (GDP).
D. Neither country has experienced growth in per capita real Gross Domestic Product (GDP).
Answer: C
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Which of the following is a property of an isoquant?
a. It is concave to the origin. b. Its slope is given by the ratio of the marginal products, for example, (marginal product of capital) รท (marginal product of labor), where capital and labor are measured on the Y and X-axes respectively. c. It gives the lowest-cost way of producing a certain level of output. d. Isoquants cannot intersect each other.
Most of the buying and selling in primary markets:
A. is in the public view. B. is highly transparent and closely monitored by the SEC. C. is done by the Federal Reserve. D. involve an investment bank.