Refer to Table 22-6. Consider the statistics in the table above in describing the developing countries. Are these consistent with the economic growth model? Briefly explain
What will be an ideal response?
These statistics for developing countries are consistent with the economic growth model. The countries with the lowest levels of real GDP per capita in 1960 had the highest growth rates between 1960 and 2000. The countries with the highest levels of real GDP per capita had the lowest growth rates.
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Last year, in a nation far to the South, real GDP was $90 million and 900,000 workers were employed. This year real GDP is $100 million, 950,000 workers are employed, and the number of hours each worker works per year did not change
Hence, labor productivity A) has decreased. B) has increased. C) has remained constant. D) cannot be compared between the two years because both real GDP and the number of workers increased. E) might have changed, but more information is needed to determine if it changed.
A truly voluntary exchange
A) has nothing to do with values, only with things. B) is always an exchange of equal values. C) is not an exchange of equal values. D) is usually an exchange of equal values.
Canadian exports involve an:
A. outflow of foreign currencies from Canada to foreigners. B. inflow of foreign currencies from foreigners to Canada. C. outflow of Canadian dollars from Canada to foreigners. D. inflow of Canadian dollars from foreigners to Canada.
Refer to Table 21.3 below:Table 21.3Units of LaborUnits of OutputMPP00 1 30266 3 304116 How many units of output can be produced when three units of labor are employed in Table 21.3?
A. 66. B. 30. C. 96. D. 31.