---
1 answer:
You might be interested in
Trade-off
A trade-off is a situational decision in which one quality, quantity, or feature of a set or design is reduced or lost in exchange for gains in other areas. A tradeoff occurs when one thing increases while another must decline.
What is consumer's real wage?
Real earnings are salaries that have been factoring in inflation, or wages in perspective of the amount of services and goods that may be purchased.
Main Content
$606
Given the answers to the question, the complete or implicit income of the consumer would be determined as follows:
When the customer works, she earns an hourly wage of $17.00, therefore when she works for 24 hours, she will earn:
=$1724
=$408
Also, when the customer sells all the 17 units of the composite good, she will earn:
=$1118
=$198
Therefore, the customer's full income would be:
=$408+$198
=$606
To learn more about Trade-off
#SPJ4
Answer:
option (B) 35 years
Explanation:
Given:
Real per capita GDP of Sweden = $50,000
Real per capita GDP of Chile = $25,000
Growth rate of Sweden = 2%
Growth rate of Chile = 4%
As per the Rule of 70, the economy's GDP doubles in
Therefore,
The GDP of Sweden will double in = = 35 years
and,
Chile will double in = 17.5 years
Therefore,
in 35 years the GDP of Sweden will be $100,000
and,
In 35 years the GDP of Chile will also be ($50,000 in 17.5 years and $100,000 in next 17.5 years) = $100,000
Therefore,
The real GDP per capita in the two nations to converge in 35 years
Hence,
The correct answer is option (B) 35 years