Refer to the scenario above. If the size of population is same in both the countries, at the steady-state equilibrium:
A) the GDP per capita of country A will be higher than that of country B.
B) the GDP per capita will be the same in both countries.
C) the capital stock will be the same in both countries.
D) the GDP per capita of country B will be higher than that of country A.
D
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__________ cannot be touched; examples include integrity, confidence, and literacy
a. Tangible resources b. Intangible resources c. Societal resources d. Familial resources
Specialization and trade benefits all participants only if: a. They specialize in those things they have both a comparative and absolute advantage in
b. They specialize in those things they have a comparative advantage in, even if they have an absolute disadvantage. c. They specialize in those things they have an absolute advantage in, even if they have a comparative disadvantage. d. Traders have the same opportunity cost of production
Which of the following is a characteristic of perfect competition?
a. Individual firms have the power to set prices. b. Firms produce differentiated products. c. New firms can easily enter the market. d. There are only a few very large firms producing all output in the market.
Based on the graph showing U.S. health care expenditures as a percentage of GDP, the percentage has ______ from 2000 to 2017.
a. risen about 3 percent
b. risen about 10 percent
c. been cut in half
d. remained unchanged