Countries or regions in which real GDP per person has not grown as fast as in the United States since 1960 include
A) Japan.
B) countries in Africa.
C) Hong Kong.
D) Canada.
B
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If a good has a price elasticity of demand coefficient greater than 1, total revenue can be increased by raising the price
a. True b. False Indicate whether the statement is true or false
Using the above table, what is the marginal utility of the 4th soda?
A. 15 B. 10 C. 23.2 D. 5
The production and distribution of goods and services in an economy is said to be Pareto-efficient if
A. the revenue generated from the sale of goods and services is more than the cost of production. B. there is no alternative that reduces the cost of transportation and distribution of goods in a market. C. the quantity of goods demanded in an economy is more than the quantity supplied. D. there exists no alternative that keeps all individuals at least as well off but makes even one person better off.
If the price of a good increases, then in the market for the type of labor needed to produce this good:
A. Employment will decrease B. The labor supply will increase C. The marginal product (MP) of labor will increase D. The marginal revenue product (MRP) of labor will increase