Real GDP per capita in the United States (as of 2010) exceeds that of France primarily because:
A. the United States had higher annual rates of growth than France from 1960 through 2010.
B. the United States has a much larger population than France.
C. the United States has a higher percentage of the working-age population in the labor force
and because U.S. employees average about 14 percent more hours worked per year.
D. European Union rules severely limit France's access to technologies developed outside the
region.
C. the United States has a higher percentage of the working-age population in the labor force
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Refer to Goods X and Y. How would a budget line be affected if income and both prices all simultaneously doubled?
Assume that good X is on the horizontal axis and good Y is on the vertical axis in the consumer-choice diagram. PX denotes the price of good X, PY is the price of good Y, and I is the consumer's income. Unless otherwise stated, the consumer's preferences are assumed to satisfy the standard assumptions. a. It would shift out so that all quantities are doubled. b. It would shift in so that all quantities are halved. c. It would not be affected. d. The slope would be doubled.
Your textbook uses supply and demand curves together to illustrate
A) the level of output needed by individuals. B) the level of output needed by society. C) how economists are necessary to make markets to work effectively. D) how market prices play a key role in coordinating the plans of sellers and buyers. E) all of the above.
Which of the following expenditures would increase the consumption component of U.S. GDP?
A. You buy a used book about finance. B. You buy 1,000 shares of stock. C. You buy a new house. D. You buy a pizza.
In the Keynesian model, an increase in saving serves to decrease consumption spending, causing a multiple contraction in national income
Indicate whether the statement is true or false