The value of output was $100 billion in Northland and $200 billion in Southland. The population of Northland was 50 million and the population of Southland was 30 million. There were 30 million employed workers in Northland and 20 million employed workers in Southland.
A. Southland; higher in Southland
B. Southland; the same in both countries
C. Northland; higher in Northland
D. Northland; the same in both countries
Answer: A
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Sammy has a drone that he values at $1,500. Dean values the same drone at $2,000. Sammy decides to sell the drone to Dean for $1,800. If the government imposes a $250 tax on the sale of drones,
A) Sammy and Dean would not be able to complete the transaction. B) Sammy and Dean would still be able to complete the transaction. C) the tax would cause a deadweight loss of $500. D) Both A and C are correct.
Individuals who are more risk averse
a. buy less insurance b. buy more insurance c. are not more or less inclined to buy insurance d. are philosophically opposed to insurance
A firm operating in a perfectly competitive market is a price taker because:
a. no firm has a significant market share. b. no firm's product is perceived as different. c. setting a price higher than the going price results in zero sales. d. all of these.
Which of the following are examples of injections?
a. government purchases, net taxes and exports b. government purchases, investment spending and exports c. net taxes, imports and household saving d. household saving, imports and government purchases e. exports, imports and household saving