Output Per Person Is 170 in an Economy in Which

question 67

Multiple Choice

Output per person is 170 in an economy in which 15 percent of the population are engaged in research and development,where their productivity is 0.002,and the total population size is 100 million.If this economy is on a balanced growth path,then output per person in the next period will be ________.

• A)175.1
• B)195.5
• C)176.2
• D)177.3

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Definitions:

Promote Beliefs

The act of encouraging or advocating for certain ideologies, principles, or values to be accepted or adopted by a wider audience.

Marx's Assertion

The claim by Karl Marx that economic structures determine societal structures, with the conflict between classes driving social change.

Collective Conscience

A collection of common convictions, thoughts, and ethical viewpoints that act as a cohesive element in a community.

Shared Meanings

The common understandings or interpretations among members of a society or group regarding symbols, language, and behaviors, which facilitate communication and social interaction.