In both Gamma and Delta average labor productivity is $20,000 per worker per year. The population of Gamma is 200,000 and the population of Delta is 400,000. Sixty percent of the population in each country is employed. Total output in Gamma is ________ and total output in Delta is ________.
A. $120,000; $800,000
B. $8 billion; $4 billion
C. $2.4 billion; $4.8 billion
D. $4 billion; $8 billion
Answer: C
You might also like to view...
Explain the basic distinction between microeconomic analysis and macroeconomic analysis. Describe the types of issues that each branch of analysis focuses on
What will be an ideal response?
Suppose the production of a good results in negative externalities. If output is at the intersection of the demand curve and the marginal social cost curve, then
A. the socially optimal level of output will be produced. B. society will incur a net social cost. C. society will want less output produced, and producers will be willing to satisfy this desire at a price that society deems acceptable. D. b and c
A copyright
a. is required to sell printed material b. grants exclusive rights over the protected material for at least seventy years c. is granted only to best original works of art, literature, and music d. grants the right to copy certain material such as printed material e. grants communal rights over the protected material for at least seventy years
Because a bank earns money when it makes a loan to a borrower it:
A. has an incentive to loan out as much of each deposit as it can. B. has more of an incentive to loan out money than take money in through deposits. C. has an incentive to borrow from the government as much as it can to loan out. D. needs to loan out more than it takes in through deposits to make money.