Explains this difference in average income
Course:- Microeconomics
Reference No.:- EM13700138

Assignment Help
Assignment Help >> Microeconomics

Average income in Western Europe in 1600 was roughly $1,400 per year, while in Latin America, it was less than half that. Which of the following best explains this difference in average income?

a. Western Europe had more advanced technology than Latin America.

b. Western Europe had a better climate than Latin America.

c. Western Europe had fewer resources than Latin America.

d. Western Europe had lower taxes than Latin America.

e. Western Europe had never been invaded or colonized, whereas Latin America had

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Microeconomics) Materials
Discuss a situation you have been in where you felt you were passed over for a promotion, made to feel indifferent, or were discriminated against. Compare and contrast your
Identify a global organization with a multinational presence. Identify and research a cultural issue that affects this organization's interactions outside the United States. D
Identify the IP rights that are owned by an organization you currently or formerly have worked at. Explain which intellectual property appears the most difficult for a busin
What will be the percent change in the quantity demanded of minimum wage work if the minimum wage is increased by 10%? Show your calculation - What are the total wages paid t
What are the requirements for something to be considered money? Why does the dollar have value - What does the money supply consist of and what are the respective amounts in t
Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4
Bobby's Burgers is a large restaurant chain with nearly 10,000 units worldwide. It is experiencing incentive problems among its outlet managers. The managers are not working v
You should be able to construct an example from this. The second example is even easier. What happens if B1 and B2 are perfectly positively correlated and B2 always exce