Explain price of food is higher in poor countries

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Reference no: EM13900626

Using the information in this chapter, label each of the fol- lowing statements true, false, or uncertain. Explain briefly.

a. On a logarithmic scale, a variable that increases at 5% per year will move along an upward-sloping line with a slope of 0.05.

b. The price of food is higher in poor countries than it is in rich countries.

c. Evidence suggests that happiness in rich countries in- creases with output per person.

d. In virtually all the countries of the world, output per per- son is converging to the level of output per person in the United States.

e. For about 1,000 years after the fall of the Roman Empire, there was essentially no growth in output per person in Europe, because any increase in output led to a propor- tional increase in population.

f. Capital accumulation does not affect the level of output in the long run; only technological progress does.

g. The aggregate production function is a relation between output on one hand and labor and capital on the other.

Reference no: EM13900626

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