The Following Table Shows Economic Data for Two Countries

question 23

Multiple Choice

The following table shows economic data for two countries.

-Refer to the table above.Income per worker in Country B is equal to ________.

• A) $42,000
• B) $58,333
• C) $55,555
• D) $50,505

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Definitions:

Willingness to Pay

The maximum amount an individual is prepared to spend on a good or service, reflecting the value they assign to it.

Consumer Surplus

The gap between the sum consumers are ready and able to spend on a good or service and what they really pay for it.

Normal Goods

Goods for which demand increases as consumer income rises.

Decrease in Income

A reduction in the amount of money received by an individual or entity, typically measured over a particular period of time.