Suppose Two Countries Have Identical Growth Rates of Real GDP

question 173

Multiple Choice

Suppose two countries have identical growth rates of real GDP and the same initial value of per capita real GDP. We know, then, that

• A) life expectancies are the same in both countries.
• B) economic well being is the same in both countries.
• C) living standards may differ in the two countries because we don't know how income is distributed in the countries.
• D) living standards in the two countries are probably identical, or very close to each other.

Recognizing the benefits of international trade.

Understanding arguments for and against trade restrictions.

Comparing and contrasting import quotas and tariffs.

Understanding different approaches to achieving free trade and their implications.

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Definitions:

Syntax

Syntax refers to the set of rules, principles, and processes that govern the structure of sentences in a given language, including the order of words.

Semantics

The branch of linguistics that studies the meanings of words, their historical and psychological development, their connotations, and their relation to one another.

Phonemes

The basic units of sound in a language that distinguish one word from another; for example, the difference between the consonant sounds in "pat" and "bat."

Receptive Language

The ability to understand or comprehend language heard or read, an essential aspect of language development.