Suppose That in Ireland Total Annual Output Is Worth $600

question 308

Multiple Choice

Suppose that in Ireland total annual output is worth $600 million and people work 30 million hours.In Canada total annual output is worth $800 million and people work 50 million hours.Productivity is higher

• A) in Ireland. Most variation in the standard of living across countries is due to differences in productivity.
• B) in Ireland. Differences in productivity explain very little of the variation in the standard of living across countries.
• C) in Canada. Most variation in the standard of living across countries is due to differences in productivity.
• D) in Canada. Differences in productivity explain very little of the variation in the standard of living across countries.

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Definitions:

Welfare

The health, happiness, and fortunes of a person or group, often considered in policy and economic discussions.

Individualism

A social theory emphasizing the moral worth of the individual and the importance of personal independence and self-reliance.

Needs

Basic or psychological requirements for the well-being of an individual.

Autonomy

The degree of freedom and independence an individual or entity has to make choices and decisions without external control.