In Some Countries It Is Time Consuming and Costly to Establish

question 157

Multiple Choice

In some countries it is time consuming and costly to establish ownership of property.Reforms to reduce these costs would likely

• A)have no affect on either real GDP nor productivity
• B)raise real GDP and productivity.
• C)raise real GDP but not productivity.
• D)raise productivity but not real GDP.

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Definitions:

Factor Demand

The demand for production inputs (such as labor, land, and capital) by firms, determined by their need to produce goods and services.

Wage Rate

indicates the amount of money paid per unit of time worked, typically per hour or year, influencing labor costs and economic decisions.

Total Product

The total output of goods or services produced by a firm or economy, typically measured over a specific period.

Profit-Maximizing

The process or strategy of adjusting production and pricing to achieve the highest possible profit based on costs and market demand.