Real GDP in the country of Oz is growing at 5 percent and its population is growing at 2 percent.In the country of Lilliput,real GDP is growing at 4 percent and its population is growing at 0.5 percent.Thus,
A) real GDP per person in Oz is growing at a faster rate than in Lilliput.
B) real GDP per person in Lilliput is growing at a faster rate than in Oz.
C) real GDP per person in Lilliput is growing at the same rate as in Oz.
D) real GDP per person in Lilliput is growing at a rate that is not comparable to that in Oz.
E) We need more information to determine if real GDP per person in Lilliput is growing faster or slower than real GDP per person in Oz.
Correct Answer:
Verified
Q117: _ adopts the view that aggregate fluctuations
Q118: Q119: Compared to the U.S.production function,the European production Q120: The quantity of labor demanded definitely increases Q121: If real GDP grows at a faster Q123: A measure of growth in the standard Q124: In growth theory,the change in a country's Q125: The growth rate of real GDP equals Q126: The growth rate of real GDP per Q127: Assume the population growth rate is 2![]()
A)[(employment
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