Consider a Small Economy with Real GDP of $1 Billion

question 42

Multiple Choice

Consider a small economy with real GDP of $1 billion and the total number of hours worked equal to 5 million. Which of the following is the best measure of labour productivity in this economy?

• A)real GDP per employed worker = $20
• B)real GDP per hour worked = $200
• C)real GDP per hour worked = $20
• D)real GDP per employed worker = $200
• E)indeterminable from the information provided.

Examine the role of permit trading in achieving pollution reduction at lower costs.

Identify the equilibrium condition where marginal social benefit equals marginal social cost.

Understand how taxation affects firms' decisions on pollution emission levels.

Evaluate the implications of different government strategies on environmental outcomes.

---

Definitions:

Chemical Bases

Substances that can accept hydrogen ions in solution, often characterized by the presence of a hydroxide ion.

DNA

DNA, short for Deoxyribonucleic Acid, houses the genetic guidelines necessary for the growth, development, functioning, and reproduction of all known life forms and a variety of viruses.

Recipe

A set of instructions for preparing a specific food dish, including a list of ingredients and the method of preparation.

Darwin's Theory

Refers to Charles Darwin's proposal of natural selection as the mechanism for evolution, explaining how species adapt and change over time.