Assume that the share of population employed in all countries is 50 percent. Based on the information in the table, which country has the smallest real GDP per capita? CountryPopulation (millions)Average Labor Productivity ($)A1002,000B15010,000C7525,000D25050,000E9560,000
A. Country D
B. Country B
C. Country E
D. Country A
Answer: D
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Suppose that the competitive market for rice in Japan was suddenly monopolized. The effect of such a change would be:
A) to decrease the price of rice to the Japanese people. B) to decrease the consumer surplus of Japanese rice consumers. C) to decrease the producer surplus of Japanese rice producers. D) a welfare gain for the Japanese people. E) increase the consumption of rice by the Japanese people.
In the short run, an increase in market demand will usually lead to a(n)
a. decrease in price and an increase in quantity. b. decrease in price and a decrease in quantity. c. increase in price and an increase in quantity. d. increase in price and a decrease in quantity.
Which one of the following people is cyclically unemployed?
A) a Nova Scotia fishery worker who is searching for a better job closer to home B) a Saskatchewan welder who lost her job when her company relocated to B. C. and is currently looking for a job C) a steel worker who is laid off but who expects to be called back soon D) an office worker who has lost her job because of a general slowdown in economic activity E) none of the above
Which would most likely shift the aggregate supply curve? A change in:
a. Government spending b. Excess capacity in business c. Consumer expectations d. Prices of imported resources