In a recent year GDP per capita in the United States was much higher than GDP per capita in France. Why would there be such a large difference in GDP per capital between two rich leader countries?
Please provide the best answer for the statement.
The explanation has to do with differences in the characteristics of the work force in the United States and France. U.S. workers spend substantially more time working than do French workers for two reasons. First, more of the U.S. population is employed than is the French population. Second, U.S. workers who are employed work longer hours than French workers. These two differences contribute to a sizable difference in the labor supply in the United States compared with France, and thus accounts for the sizable difference in per capital GDP in the two leader countries.
You might also like to view...
The law of comparative advantage says that
a. the individual with the lowest opportunity cost of producing a particular good should produce it b. comparative advantage exists only when one person has an absolute advantage in the production of two goods c. whoever has a comparative advantage in producing a good also has an absolute advantage in producing that good d. whoever has an absolute advantage in producing a good also has a comparative advantage in producing that good e. gains from trade are possible only when one person has the comparative advantage in producing both goods
Suppose a decrease in the supply of paper results in an increase in revenue. This indicates that
A) the demand for paper is inelastic. B) the demand for paper is elastic. C) the supply of paper is inelastic. D) the supply of paper is elastic.
If you study 3 hours for an exam, you can raise your score by 30 points. If you study for another 3 hours your score increases by 10 points. And if you study for another 3 hours, your score will increase by 5 more points
A graph displaying this relationship between the number of hours studied and your total exam score would show A) a positive linear relationship B) an upward-sloping curve that becomes less stee
From 1965 to 2013, the average real wage for all workers has ________
A) fallen B) risen C) remained essentially unchanged D) risen in economic contractions and fallen in economic expansions