Refer to Table 11-1. Based on the table above, which country has a higher standard of living and why?
A) Sweden has a higher standard of living because their GDP per capita is higher.
B) Sweden has a higher standard of living because their GDP is higher.
C) Ireland has a higher standard of living because their GDP per capita is higher.
D) Ireland has a higher standard of living because growth in GDP is greater in Ireland than in Sweden.
C
You might also like to view...
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Where L represents labor and X represents output, MPL x PX is the value of labor's marginal product while the wage rate is the
A. marginal cost of a unit of output. B. marginal revenue of a unit of output. C. value of labor's marginal revenue. D. cost of a marginal unit of labor.
Suppose that a study is released stating that as people increase the number of times they brush their teeth each day, they increase the number of times they go to the gym each week. This is best described as an example of
A. positive correlation. B. negative correlation. C. positive causation. D. negative causation.
Unbalanced investment projects are largely responsible for the high concentration of wealth in poor countries
Indicate whether the statement is true or false