Suppose That in Chile Total Annual Output Is Worth $600

question 174

Multiple Choice

Suppose that in Chile total annual output is worth $600 million and people work 70 million hours.In Argentina total annual output is worth $450 million and people work 40 million hours.Productivity is higher

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

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Definitions:

Universal Defense

A defense that is valid against all holders of a negotiable instrument, including holders in due course (HDCs) and holders with the rights of HDCs. Universal defenses are also called real defenses.

Personal Defense

Legal defenses that a defendant may use in a court of law to challenge the validity of a claim based on personal circumstances or conditions.

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The condition of being an agent who is legally authorized to act on behalf of another person or entity, often subjected to specific responsibilities and liabilities.

Negotiable Instruments

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