Q.1,2 If a country's real GDP per capita declines, this means that which of the following may have occurred?1. Real GDP increased but the population declined.II. Real GDP decreased but the population did not change.III. The population increased and real GDP did not change.I and II onlyⒸI, II, and IIIII and III onlyO II onlyOI and III onlyNeither I, II, nor IIIIII onlyO I only ProductPriceQuantityShovels$1050Books$20100Tomatoes$11000Pizzas$15200Suppose a small economy produces only the four goods listed in the the table above. If all of the country's tomatoes are used only in the production of pizzas, what is the value of GDP in this economy?$5,500Ⓒ$6.500$5,000$6,000$4,500$4,000

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If a country's real GDP per capita declines, this means that which of the following may have occurred 1. Real GDP increased but the population declined. II. Real GDP decreased but the population did not change. III. The population increased and real GDP did not change. I and II only ⒸI, II, and III II and III only OII only I and III only Neither I, II, nor III III only I only

If a country's real GDP per capita declines, this means that which of the following may have occurred 1. Real GDP increased but the population declined. II. Real GDP decreased but the population did not change. III. The population increased and real GDP did not change. I and II only ⒸI, II, and III II and III only OII only I and III only Neither I, II, nor III III only I only

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Q.1,2

If a country's real GDP per capita declines, this means that which of the following may have occurred?
1. Real GDP increased but the population declined.
II. Real GDP decreased but the population did not change.
III. The population increased and real GDP did not change.
I and II only
ⒸI, II, and III
II and III only
O II only
OI and III only
Neither I, II, nor III
III only
O I only

Product
Price
Quantity
Shovels
$10
50
Books
$20
100
Tomatoes
$1
1000
Pizzas
$15
200
Suppose a small economy produces only the four goods listed in the the table above. If all of the country's tomatoes are used only in the production of pizzas, what is the value of GDP in this economy?
$5,500
Ⓒ$6.500
$5,000
$6,000
$4,500
$4,000

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