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

Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
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
The table below gives data on output for a firm in the short run. The firm is able to hire labor and its TPP is given. Compute the MPP and MRP for labor if the price of the go
The nation of Ectenia has 20 competitive apple orchards, which sell apples at the world price of $2. The following equations describe the production function and the marginal
Discuss whether the existence of business cycles and the observed positive correlation between real and monetary variables mean that the modern classical models are neither
Suppose that firms in Boversia gain confidence in economy, so domestic investment rises for any given interest rate. What happens to output and the real exchange rate when the
The local government of singapore is concerned about increasing rental costs for residents, and decides to impose a ceilong price on the maximum rents that can be charged by
How do managers use the concept of cost-benefit during the planning phase of the management process and how do managers use the concept of cost-benefit during the performing s
These multiple choice problems belong to Economics. The first problem discusses about new firms entering competitive market structure and the second problem discusses about
Identify the unifying theme in the article. Does the theme pertain to economics and the reasoning for cutting costs, enhancing business operations, or increasing productive