Upland has a population of 15,000, of whom 9,000 work 8 hours a day to produce real output of $342,000 . Lowland has a population of 8,000, of whom 7,000 work 7 hours a day to produce real output of $171,500
a. Upland has higher productivity and higher real GDP per person than Lowland.
b. Upland has higher productivity but lower real GDP per person than Lowland.
c. Upland has lower productivity but higher real GDP per person than Lowland.
d. Upland has lower productivity and lower real GDP per person than Lowland.
a
You might also like to view...
For a normal good, a decrease in demand is caused by
A) a rise in income. B) a fall in income. C) a rise in price. D) a fall in price.
Doctors find that one aspirin per day reduces the risk of heart attacks. Demand for aspirin will
A) increase, so that equilibrium price and equilibrium quantity will increase. B) decrease, so that equilibrium price and equilibrium quantity will increase. C) increase, so that equilibrium price will decrease and equilibrium quantity will increase. D) increase, but the new equilibrium price and quantity are indeterminate.
The health care system currently in place will be dramatically changed in the next four years.
A. True B. False C. Uncertain
In a competitive market for Sardines, if Mama Jessica’s chain of pizza restaurants decides to support hard-working sardine fishers by paying 15 percent above market price, what would the theory of economic rent predict?
A. The quantity supplied of sardines will exceed the quantity demanded. B. The quantity demanded of sardined will exceed the quantity supplied. C. The expected economic profits selling from sardines to Mama Jessica’s will exceed the competitive sardine market profits. D. The expected economic profits selling from sardines to Mama Jessica’s will equal the competitive sardine market profits.