Suppose a typical worker in India can produce 32 units of product in an eight-hour day, while a typical worker in Bangladesh can produce 30 units of product in a 10-hour day. We can conclude that
a. worker productivity in Bangladesh is higher than in India.
b. the standard of living will likely be higher in India than in Bangladesh.
c. productivity is 4 units per hour for the worker in Bangladesh and 3 units per hour for the worker in India.
d. there will be no difference between the standard of living in India and Bangladesh.
b
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What will be an ideal response?
The quantity theory of money of the Classical economists says that a change in the money supply will produce a:
A. proportional change in the price level. B. greater than proportional change in the price level. C. less than proportional change in the price level. D. wide variation in the velocity of money.
An arrangement that allows buyers and sellers to exchange things is called:
A. a contract. B. a market. C. money. D. efficient.
In the U.S., over the past forty years,
A) exports as a percentage of GDP have increased, while imports has a percentage of GDP have decreased. B) exports as a percentage of GDP have decreased, while imports has a percentage of GDP have increased. C) both exports and imports as a percentage of GDP have decreased. D) both exports and imports as a percentage of GDP have increased. E) both exports and imports as a percentage of GDP have remained constant.