The GDP of a Small Country Is $4,150,000,and the Size

question 15

Multiple Choice

The GDP of a small country is $4,150,000,and the size of its employed labor force is 5,000.The income per worker in the country is ________.

• A) $213
• B) $445
• C) $620
• D) $830

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Definitions:

Marginal Analysis

Marginal analysis evaluates the impact of a slight change in production or consumption, used to make decisions about allocating resources most efficiently.

Risk Aversion

The tendency of individuals or entities to prefer outcomes with less uncertainty, avoiding risks in decision-making.

Economic Payoff

The financial return or profit resulting from an investment or action.

Bounded Rationality

The concept that when individuals make decisions, their rationality is limited by the information they have, the cognitive limitations of their minds, and the time available to make the decision.