Real GDP Per Person in Westland Is $30,000, While Real

question 23

Multiple Choice

Real GDP per person in Westland is $30,000, while real GDP in Eastland is $10,000, Westland's real GDP per person is growing at 3 percent per year and Eastland's real GDP per person is growing at 3 percent per year. If these growth rates persist indefinitely, then:

• A)Eastland's real GDP per person will rise until it equals Westland's real GDP per person.
• B)Westland's real GDP per person will always be at least $20,000 greater than Eastland's.
• C)Eastland's real GDP per person will always be exactly $20,000 less than Westland's.
• D)Eastland's real GDP per person will eventually be greater than Westland's.

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Definitions:

Innovation

Innovation involves the introduction of new ideas, goods, services, and processes to the market, playing a crucial role in economic growth and competitiveness.

New Method

An innovative or an improved way of accomplishing tasks or processes, often leading to increased efficiency or effectiveness.

Working Prototype

An initial version of a product that has enough features to allow for the testing and validation of core design concepts.

Invention

This is the creation of a new product, process, or idea that did not exist before.