This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If country A has a higher level of real GDP per person than country B, then people in Country A must ... (Read 295 times)

shofmannx20

  • Hero Member
  • *****
  • Posts: 562
on: Jun 29, 2018
If country A has a higher level of real GDP per person than country B, then people in Country A must enjoy a higher standard of economic welfare than people in Country B. Is this statement true or false and explain your answer.
 
  What will be an ideal response?

Question 2

A shift of the supply curve of oil raises the price from 60 a barrel to 75 a barrel and reduces the quantity demanded from 40 million to 20 million barrels a day. You can conclude that the
 
  A) demand for oil is elastic.
  B) demand for oil is inelastic.
  C) supply of oil is elastic.
  D) supply of oil is inelastic.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

harveenkau8139

  • Sr. Member
  • ****
  • Posts: 304
Reply #1 on: Jun 29, 2018
Answer to Question 1

The statement is false. Factors other than real GDP per person affect economic welfare. For instance, factors such as household production, underground production, leisure time, and environmental quality all affect economic welfare and all are omitted from real GDP per person. Although real GDP per person is an important factor in determining a country's economic welfare, it is not the only factor.

Answer to Question 2

A


shofmannx20

  • Member
  • Posts: 562
Reply 2 on: Jun 29, 2018
Excellent

T4T

  • Member
  • Posts: 348
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

Did you know?

Liver spots have nothing whatsoever to do with the liver. They are a type of freckles commonly seen in older adults who have been out in the sun without sufficient sunscreen.

Did you know?

Although puberty usually occurs in the early teenage years, the world's youngest parents were two Chinese children who had their first baby when they were 8 and 9 years of age.

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Gurung people of Nepal Gurung people of Nepal
Zhang Huan, To Raise the Water Level in a Fishpond. Zhang Huan, To Raise the Water Level in a Fishpond.
For millions of people, the United States represents a land of opportunity and freedom from ... For millions of people, the United States represents a land of opportunity and freedom from ...
In old age, as in all other stages of the life course, people find life more pleasant if they have ... In old age, as in all other stages of the life course, people find life more pleasant if they have ...
People using walkers typically have a high level of mobility impairment. People using walkers typically have a high level of mobility impairment.
People in poor, urban areas often find themselves in “food deserts" People in poor, urban areas often find themselves in “food deserts"
Video: Barriers - eye structures, digestive mucosa, respiratory mucosa & genitourinary mucosa

For a complete list of videos, visit our video library