Consider two countries, Zerka and Xena. In Zerka total annual output is worth $500 million and people work 40 million hours. In Xena total annual output is worth $600 million and people work 50 million hours. A) From the information above, in which country is productivity higher? B) Economists use the term ______________________________ to refer to the ability to produce a good using fewer inputs than another producer. C) Economists use the term ______________________________ to refer to the ability to produce a good at a lower opportunity cost than another producer.
Consider two countries, Zerka and Xena. In Zerka total annual output is worth $500 million and people work 40 million hours. In Xena total annual output is worth $600 million and people work 50 million hours. A) From the information above, in which country is productivity higher? B) Economists use the term ______________________________ to refer to the ability to produce a good using fewer inputs than another producer. C) Economists use the term ______________________________ to refer to the ability to produce a good at a lower opportunity cost than another producer.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider two countries, Zerka and Xena. In Zerka total annual output is worth $500 million and people work 40 million hours. In Xena total annual output is worth $600 million and people work 50 million hours.
A) From the information above, in which country is productivity higher?
B) Economists use the term ______________________________ to refer to the ability to produce a good using fewer inputs than another producer.
C) Economists use the term ______________________________ to refer to the ability to produce a good at a lower
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