If the Number Employed Grows Faster Than the Population,then the

question 107

Multiple Choice

If the number employed grows faster than the population,then the

• A)Living standard will fall.
• B)Growth rate of GDP will fall.
• C)Living standard will rise.
• D)Growth rate of GDP will not be affecteD.Living standards will rise because a greater share of the population is working,thereby producing more goods and services and a higher GDP per capita.

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Definitions:

Absolute Advantage

A condition in which a country, individual, or company can produce a specific good at a lower cost in terms of labor and resources than competitors.

Lowest-Cost Producer

A company that has a competitive advantage by producing goods or services at the lowest possible cost compared to competitors.

International Trade

International trade involves the exchange of goods and services across national borders, driven by the principles of supply and demand.

Balance of Payments Deficit

A situation where the total of the country's imports and its external payments exceeds the total of its exports and external receipts.