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In both Gamma and Delta average labor productivity is $20,000 per worker per year. The population of Gamma is 200,000 and the population of Delta is 400,000. Sixty percent of the population in each country is employed. Total output in Gamma is ________ and total output in Delta is ________.
Currency's Value
The worth of a country's currency in terms of the amount of goods or services that one unit of the currency can buy.
Fixed Standard
Refers to a set benchmark or criterion that remains constant over time and is used for comparison or evaluation purposes.
Devalues Its Currency
A deliberate reduction in the value of a country's currency relative to other currencies, typically by its central bank.
Tourists
Individuals who travel away from their home environments for leisure, adventure, or business, but not for permanent relocation.
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