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 137 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
Gracias!

tanna.moeller

  • Member
  • Posts: 328
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

The top five reasons that children stay home from school are as follows: colds, stomach flu (gastroenteritis), ear infection (otitis media), pink eye (conjunctivitis), and sore throat.

Did you know?

Elderly adults are living longer, and causes of death are shifting. At the same time, autopsy rates are at or near their lowest in history.

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

Fallow deer at Avon Valley Country Park, Bristol, England Fallow deer at Avon Valley Country Park, Bristol, England
Substrate–level phosphorylation. Substrate–level phosphorylation.
People riding bikes in Netherlands People riding bikes in Netherlands
The risk of dying before the age of 65 gets lower as family income gets higher. The risk of dying before the age of 65 gets lower as family income gets higher.
While most people resist labels of deviance, some embrace them. In what different ways do these ... While most people resist labels of deviance, some embrace them. In what different ways do these ...
Who is the “real” Beyoncé—doting mother or Sasha Fierce? Who is the “real” Beyoncé—doting mother or Sasha Fierce?
Video: Introduction to Herpes

For a complete list of videos, visit our video library