Last Year Country a Had a Nominal GDP of $600

question 15

Multiple Choice

Last year country A had a nominal GDP of $600 billion,a GDP deflator of 150 and a population of 40 million.Country B had a nominal GDP of $720 billion,a GDP deflator of 120 and a population of 50 million.From these numbers which country is likely to have had the higher standard of living?

• A)Country A because it had the higher nominal GDP per person.
• B)Country B because it had the higher nominal GDP per person.
• C)Country A because it had the higher real GDP per person.
• D)Country B because it had the higher real GDP per person.

Analyze the effects of managerial efficiency improvements on labor demand and marginal revenue product.

Understand the concept of marginal revenue product and its calculation.

Recognize the effects of wage rate changes on resource utilization.

Comprehend the factors influencing the demand for labor and other resources.

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Definitions:

Weather

The state of the atmosphere at a particular place and time, including temperature, humidity, wind, and precipitation conditions.

Glucose Metabolism

The process by which the body breaks down glucose to use as energy or store for future use.

Frontal Lobe

The large brain region underlying the frontal part of the skull.

Aggression

A range of behaviors that can result in harm to oneself, others, or objects in the environment, often driven by anger or hostility.