If country A had a smaller underground economy than country B, and country A's citizens worked more hours per week than the citizens of country B, other things equal, then
a. GDP comparisons between the countries would overstate the economic welfare of country A compared to B.
b. GDP comparisons between the countries would understate the economic welfare of country A compared to B.
c. it is impossible to know which direction GDP comparisons between the countries would be biased as measures of the economic welfare of the two countries.
d. it would not introduce any bias in using GDP to compare economic welfare between the countries.
Question 2
A piece of land is divided between John and Mary. However, only John gets the title to his share of land. Which of the following is true?
a. Both Mary and John will not take care of their lands.
b. Mary will have a higher per capita output from her piece of land.
c. John will not be able to rent out a portion of his land.
d. Mary will have a greater incentive than John to invest in her piece of land.
e. John will be able to use his land as collateral for a loan from a bank.
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Latin America in the Global Economy