Country A has real GDP per person of 250,000 while Country B has real GDP per person of 500,000 . All else constant, Country A will eventually have a higher standard of living than Country B if
a. the level of saving per person is 5.000 in Country A and 7,500 in Country B.
b. the level of saving per person is 3,000 in Country A and 6,000 in Country B.
c. Both of the above are correct.
d. None of the above are correct.
a
You might also like to view...
A monetary system is what allows us to
a. earn a wage b. compare the costs of different goods and services c. invest in productive assets d. be productive e. consume today, rather than tomorrow
Which of the following moves the wage above its equilibrium value?
a. both compensating differentials and efficiency wages b. compensating differentials but not efficiency wages c. efficiency wages but not compensating differentials d. neither compensating differentials nor efficiency wages
Which of the following is not a condition of long-run equilibrium for perfectly competitive firms?
a. price is equal to marginal cost b. price is equal to minimum short-run average total cost c. price is equal to minimum long-run average cost d. price is equal to marginal revenue e. economic profit is positive
Economists usually use the term "recession" to refer to:
a. any slowdown in the growth of real GDP. b. zero real GDP growth. c. two or more consecutive quarters of declining real GDP. d. a reduction in nominal GDP lasting more than six months.