The Level of Real GDP Per Person

question 108

Multiple Choice

The level of real GDP per person

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

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Definitions:

Trade Deficit

A condition in which a nation's imports of goods and services surpass its exports, resulting in a deficit in the trade balance.

Absolute Advantage

A situation where a country, entity, or individual can produce a good or service more efficiently (using fewer resources) than another.

Comparative Advantage

The ability of a country or individual to produce a good or service at a lower opportunity cost than another entity, leading to more efficient trade.

Tariffs

Taxes on imported goods and services, imposed to raise revenue and/or protect domestic industries from foreign competition.