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prpnum1 prpnum1
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A year ago
Scenario: Two neighboring countries, Sweetland and Sourland, are identical in terms of size, population (800,000), education of workforce, and value of natural resources owned.


Refer to the scenario above. Sweetland and Sourland face identical production functions and have the same amounts of inputs available for production. GDP per capita is $45,000 in Sourland and $38,000 in Sweetland. Which of the following statements could help explain this discrepancy?

▸ Sourland has greater efficiency of production.

▸ Sweetland faces the Law of Diminishing Marginal Product.

▸ The workforce is smaller in Sourland.

▸ The population of Sourland is more productive.
Textbook 
Macroeconomics

Macroeconomics


Edition: 3rd
Authors:
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nalsaidynalsaidy
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A year ago
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