A country with a small per capita gross domestic product (GDP) O a) is efficient. O b) has low living standards. Oc) is economically healthy. Od) produces too much. O e) has high income.
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- Why does higher worker productivity not necessarily mean GDP per capita will rise? GDP per Capita depends on income, and not on worker productivity. O Workers might choose more leisure time instead of work, keeping total production the same but reducing hours worked. O Higher productivity does not necessarily translate to higher output, since employers may not give salary increases. O Workers might be more productive, but that doesn't mean GDP per Capita will go up unless they work more hours.Differences amongst countries in their standard of living can be attributed to differences in Select one: O a. population size, technology, and productivity. O b. political system, natural resources, and unselfish businesses. O c.skills, physical capital, technology, and institutions. O d. culture, location, education, and work ethic. O e. natural resources, capital, land area, and population size.If a country's GDP is $200 million, and its total population is 10,000, but only 8,000 of these people work, the country's per capita income is: O a) $11,111. Ob) $20,000. O c) $25,000. d) $100,000.
- is the single most important source of productivity. O Current saving O Equity Technological advancements O Current consumptionDifferences amongst countries in their standard of living can be attributed to differences in Select one: O a. skills, physical capital, technology, and institutions. O b. culture, location, education, and work ethic. O c. natural resources, capital, land area, and population size. O d. population size, technology, and productivity. O e. political system, natural resources, and unselfish businesses.Describe the income method and the production method
- Productivity refers to the amount of goods and services produced in a certain country. Select one: O a. True. O b. Fales.What would NOT be considered a factor of production? O O O capital O labour land stocks|The per capita output of an economy is likely to increase if: a. the government manages the foreign investment in the economy. O b. the population of the country grows faster than its labor force. O c. the government controls the number of illegal immigrant workers in the economy. O d. the government increases the tax rates. e. the number of workers in the economy grows faster than its population.
- Q.1.Canada produces agricultural products using land and manufactured products using capital . When Canada engages in free trade , it starts exporting agricultural products , ( the price of agricultural products increases ). In the short run , which one of the following scenarios takes place ? O.Nominal returns on both land and capital increase. O.Both nominal and real returns on land increase. O.Nominal return on capital increases while real return on capital falls. O.Nominal return on land decreases while real return on land remains the same. Q.2.A simultaneous increase in the quantity of a good sold accompanied with the increase in the price of this good O. is typical for the case of a demand shock. O.negatively affects farmers growing coffee. O.violates the law of demand. O. is typical for the case of a supply shock. Q.3 Consider an open , trading economy with two sectors : agriculture and production of cars . There are two factors used in the production of both industries : labor…A country faces diminishing marginal returns when increasing it's capital stock. If this country added 100 units of capital last year and saw their GDP rise by $1,000 per person, what would you expect to happen if they had added 200 units of capital instead? O It is impossible to tell what would happen GDP would increase by less than another $1,000 per person GDP would increase by another $1,000 per person GDP would increase by more than another $1,000 per personTwo countries, Alpha and Beta, have identical production possibilities frontiers. If Alpha produces at point A and Beta produces at point B, then O A. Alpha's economic growth rate will exceed Beta's OB. Alpha's and Beta's economic growth rates will be the same OC. Beta's future consumption will be less than than Alpha's O D. Alpha consumes more than Beta today, but it will grow slower than Beta ó Capital goods (per person) B Consumption goods (per person) PPF