Over the Last Ten Years Productivity Grew Faster in Oceania

question 345

Multiple Choice

Over the last ten years productivity grew faster in Oceania than in Freedonia and the population and total hours worked remained the same in both countries. It follows that

• A)real GDP per person must be higher in Oceania than in Freedonia.
• B)real GDP per person grew faster in Oceania than in Freedonia.
• C)the standard of living must be higher in Oceania than in Freedonia.
• D)All of the above are correct.

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Definitions:

Quest for New Opportunities

The proactive and continuous search for new avenues for growth, improvement, or competitive advantage.

Absolute Need

An absolute need refers to a requirement that is essential for survival or to maintain a certain quality of life, without which a significant detriment occurs.

Growing Too Fast

A scenario where a business expands at a rate that may be unsustainable, leading to potential operational, financial, or quality control problems.

Entrepreneurs Start

The initial phase in which an entrepreneur identifies an opportunity, gathers resources, and launches a new business or venture.