Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the highest real GDP per capita?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. Country D
B. Country A
C. Country B
D. Country C
Answer: B
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How did the international monetary system influenced macroeconomic policy-making and performance during the gold standard era (1870-1914)?
What will be an ideal response?
The inflation rate = ________
A) nominal GDP - real GDP B) growth rate in real GDP - growth rate in nominal GDP C) growth rate in real GDP + growth rate in nominal GDP D) nominal GDP รท real GDP E) none of the above
Consider a good whose own price elasticity of demand is -1.5 and price elasticity of supply is 0.5. The fraction of a specific tax that is borne by producers is ________
A) 0 B) 0.25 C) 0.5 D) 0.75 E) 1
Which of the following government agencies oversees monetary policy in the U.S.?
a. The Federal Reserve System b. Congress c. The Treasury Department d. The Federal Trade Commission e. The Department of Commerce