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28. Country A has a GDP-per-capita of $500, and Country B has a GDP-per-capita of $75,000. Which of the following is NOT a plausible reason for Country B's higher GDP-per-capita? (A) Country B has more open and inclusive economic and political institutions. (B) Country B has more natural resource wealth. (C) Country B has lower productivity. (D) Country B has more capital. 29. After lockdowns were declared globally in 2020, the price of oil crashed from $64 per barrel in January to $18 per barrel in April. What is the most likely reason that lockdowns contributed to the oil price crash? (A) Supply increased due to oil companies reallocating resources to help with the COVID-19 pandemic. (B) Supply decreased due to oil workers being furloughed. (C) Demand increased from factories producing Personal Protective Equipment for essential workers. (D) Demand decreased since fewer people were commuting to work. 30. Suppose that the GDP deflator is 150, and nominal GDP is $7.5 billion. What is the real GDP? (A) $7.5 billion. (B) $5 billion. (C) $500,000. (D) $50 million.

28. Country A has a GDP-per-capita of $500, and Country B has a GDP-per-capita of $75,000. Which of the following is NOT a plausible reason for Country B's higher GDP-per-capita? (A) Country B has more open and inclusive economic and political institutions. (B) Country B has more natural resource wealth. (C) Country B has lower productivity. (D) Country B has more capital. 29. After lockdowns were declared globally in 2020, the price of oil crashed from $64 per barrel in January to $18 per barrel in April. What is the most likely reason that lockdowns contributed to the oil price crash? (A) Supply increased due to oil companies reallocating resources to help with the COVID-19 pandemic. (B) Supply decreased due to oil workers being furloughed. (C) Demand increased from factories producing Personal Protective Equipment for essential workers. (D) Demand decreased since fewer people were commuting to work. 30. Suppose that the GDP deflator is 150, and nominal GDP is $7.5 billion. What is the real GDP? (A) $7.5 billion. (B) $5 billion. (C) $500,000. (D) $50 million.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter19: The Macroeconomic Perspective
Section: Chapter Questions
Problem 32P: In 1980, Denmark had a GDP of 70 billion (measured in U.S. dollars} and a population of 5.1 million....
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28. Country A has a GDP-per-capita of $500, and Country B has a GDP-per-capita of $75,000. Which of the following is NOT a plausible reason for Country B's higher GDP-per-capita? (A) Country B has more open and inclusive economic and political institutions. (B) Country B has more natural resource wealth. (C) Country B has lower productivity. (D) Country B has more capital. 29. After lockdowns were declared globally in 2020, the price of oil crashed from $64 per barrel in January to $18 per barrel in April. What is the most likely reason that lockdowns contributed to the oil price crash? (A) Supply increased due to oil companies reallocating resources to help with the COVID-19 pandemic. (B) Supply decreased due to oil workers being furloughed. (C) Demand increased from factories producing Personal Protective Equipment for essential workers. (D) Demand decreased since fewer people were commuting to work. 30. Suppose that the GDP deflator is 150, and nominal GDP is $7.5 billion. What is the real GDP? (A) $7.5 billion. (B) $5 billion. (C) $500,000. (D) $50 million.
Transcribed Image Text:28. Country A has a GDP-per-capita of $500, and Country B has a GDP-per-capita of $75,000. Which of the following is NOT a plausible reason for Country B's higher GDP-per-capita? (A) Country B has more open and inclusive economic and political institutions. (B) Country B has more natural resource wealth. (C) Country B has lower productivity. (D) Country B has more capital. 29. After lockdowns were declared globally in 2020, the price of oil crashed from $64 per barrel in January to $18 per barrel in April. What is the most likely reason that lockdowns contributed to the oil price crash? (A) Supply increased due to oil companies reallocating resources to help with the COVID-19 pandemic. (B) Supply decreased due to oil workers being furloughed. (C) Demand increased from factories producing Personal Protective Equipment for essential workers. (D) Demand decreased since fewer people were commuting to work. 30. Suppose that the GDP deflator is 150, and nominal GDP is $7.5 billion. What is the real GDP? (A) $7.5 billion. (B) $5 billion. (C) $500,000. (D) $50 million.
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