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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Suppose the landmass known to you as the United States of America had been composed, since the nation’s founding, of separate countries instead of separate states. Would you expect the standard of living of the people who inhabit this landmass to be higher, lower, or equal to what it is today? Why?

To determine

The standard of living of the people in the landmass. 

Explanation

The standard of living of the people in the landmass may be lower. It narrowed the circulation of goods, services, and factors among the 50 states, if they were separated as different countries. Each country would have different economic and t...

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