1. By 2011, which of the following countries had the highest level of real outpu

Question

1. By 2011, which of the following countries had the highest level of real output per capita? United States France Japan United Kingdom 2. "Convergence" has been occurring among the OECD countries because the richer countries give away more of their output than the poorer ones the poorer countries have had higher growth rates than the richer ones O the richer countries have had higher growth rates than the poorer ones C the poorer countries have had positive.growth rates, while the richer ones have had negative growth rates the procedures for measuring output per capita have been changing. C 3. For this question, assume that there are decreasing returns to capital, decreasing returns to labor, and constant returns to scale. Now suppose that both capital and labor decrease by 5%. Given this information, we know that output (Y) will C not change decrease by less than 5%. decrease by 5%. decrease by more than 5% but less than 10% none of the above 4. For this question, assume that there are decreasing returns to capital, decreasing returns to labor, and constant returns to scale. A reduction in the capital stock will cause which of the followingi? O a reduction in output no change in output an increase in output per capita increase the capital-labor ratio none of the above

Explanation / Answer

1. The right answer is the United States.

Explanation: In 2011, the real GDP per capita of these countries were as follows:

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