Which Statement Best Characterizes the Variations in Real GDP Per

question 109

Multiple Choice

Which statement best characterizes the variations in real GDP per person and its rate of growth across countries?

• A) Real GDP per person differs widely across countries, but the growth rate of real GDP per person is similar across countries.
• B) Real GDP per person is very similar across countries, but the growth rate of real GDP per person differs widely across countries.
• C) Real GDP per person and the growth rate of real GDP per person are similar across countries.
• D) Real GDP per person and the growth rate of real GDP per person vary widely across countries.

---

Definitions:

Long Run

A period where all inputs or factors of production can be varied, allowing full adjustment to changes in the market or economy.

Short Run

A period in economics where at least one input is fixed and cannot be changed by the firm.

Market Price

The price at which a good or service is offered in the marketplace, determined by supply and demand dynamics.

Units

Basic measurement or quantity of a product, used to track inventory, production, and sales in various contexts.