Suppose that in 2011, per-person GDP in Singapore was $53,591, and in Egypt, it was $5,547, as measured in 2005 purchasing power parity U. S. dollars. It is accurate to say that the income level in Singapore is higher / lower than in Egypt. Why is this comparison accurate?
a. There are significant differences in incomes between high- and low-income countries.
b. Egypt is characterized by a higher share of industrial production in total output than Singapore is.
c. Singapore is characterized by a larger share of household production in total output than Egypt is.
d. Egypt is characterized by a larger share of household production in total output than Singapore is.

Which of the following statements is not correct? 1) trade allows for specialization. 2) trade has the potential to benefit all nations. 3) trade allows nations to consume outside of their production possibilities curves. 4) absolute advantage is the driving force of specialization.

Suppose life expectancy in years (l) is a function of two inputs, health expenditures (h) and nutrition expenditures (n) in hundreds of dollars per year. the production function is upper l equals ch superscript 0.40 baseline upper n superscript 0.60l=ch0.40n0.60. beginning with c = 1, a health input of $400400 per year (hequals=44) and a nutrition input of $400400 per year (nequals=44), show that the marginal product of health expenditures and the marginal product of nutrition expenditures are both decreasing. the marginal product of health expenditures when h goes from 44 to 55 is nothing, and the marginal product of health when h goes from 66 to 77 is nothing. (round your answers to three decimal places.)

If quotas on sugar were eliminated in the united states, domestic production of sugar would fall. why is this a benefit in economic terms for the united states? i. resources are freed up that could be used more efficiently elsewhere. ii. it is beneficial because it allows foreign producers of sugar to earn income and thus those countries are better off. iii. u.s. consumers are able to enjoy increased consumer surplus because of the lower prices of imported sugar.