QUESTION 11 Two countries (A and B) report to have the same value of real GDP, even after adjusting for prices. In country A, however, the government produces a much larger share of goods and services than the government in country B. Given this information and assuming that the government's quality of output is equal to that of the private sector, which country is likely to, in fact, have a higher output? OA Country A O B. Country B OC. They are both the same O D. Unknown

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Answer the following options:  (Q#7)  What is the connection between education and the economic standard of             living for any country?     (a)  They are closely related. Education (and job training) enhance labor product-           ivity, which also raises national production at the collective level.    (b) They are largely unrelated. Education serves a goal of personal improvement           and allows one person to out-compete others for the best jobs.   Q#8) Until recently, the economy in China has grown steadily due to the deliberate           emphasis on low skill – low wage factory labor methods.  However, China’s           economic standard of living is still comparatively low.  To achieve a U.S. or            German standard of living what should be done?            a) China should continue to stress low skill labor intensive methods of productionthat will fully employ its large labor force             b) China should shift to more advanced and capital intensive methods…

4. Compare and contrast an industrial economy to a postindustrial economy. Please also give an example of a country that has an industrial economy and a country that has a post industrial economy.