The typical Australian works less than 40 hours per week today and worked 49 hours per week in 1970. Does this fact make the economic wellbeing of Australians today versus 1970 higher or lower than indicated by the difference in real GDP per capita today versus​ 1970? a. The decrease in real GDP per capita between 1970 and today overstates the change in wellbeing because the value of leisure is not included in GDP. b. The decrease in real GDP per capita between 1970 and today understates the change in wellbeing because the value of leisure is not included in GDP. c. The increase in real GDP per capita between 1970 and today overstates the change in wellbeing because the value of leisure is not included in GDP. d. The increase in real GDP per capita between 1970 and today understates the change in wellbeing because the value of leisure is not included in GDP

As labour productivity is higher in the United States than Australia, this means that a. employers in the United States are willing to pay more for a given quantity of labour than Australian employers are. b. the production function in the United States is below that of Australia's. c. Australian workers will want to work less hours. d. real wages are higher in Australia.

Real GDP per capita is not a perfect measure of wellbeing because: it does not include the operations of foreign-owned businesses. it is not adjusted for the effects of pollution. it indicates the consumption power of an average person in the economy. it is not adjusted for the effect of population size. it is not adjusted for inflation.

Assuming consumption and leisure are both normal goods, hours worked will fall when the wage increases if             Group of answer choicesif the income and substitution effect move in the same direction (i.e., if they are of the same sign).the substitution effect dominates the income effect.the wage increase is accompanied by an increase in prices.the income effect dominates the substitution effect.if the income and substitution effect move in the opposite direction (i.e., if they are of the opposite sign).

Please consider the following data:This table shows the prevalence of asthma in relation to selected demographics in Australia.  The average expenditure for a person with asthma in Australia is $386 (Lartey et al., 2023).On average, urban workers receive 7.5% more income than rural workers, for the equivalent job (Ho, 2023) and cost of living expenses are 10% higher in rural Australia (APH, 2014)Based upon this graph, what conclusions can we make about social inequality in Australia if all other associated factors are equal?Pick the best answer:Question 3Answera.There is no inequality in healthcare in Australia, as we have medicare - a Universal healthcare systemb.More money (per person) should be spent on rural asthma prevention and treatmentc.This is largely a problem of Individual Determinants so inequality is not relevant hered.Asthma puffers are on the Pharmaceutical Benefits Scheme, so there is no inequality in prevention and treatment of asthma

In terms of income, America became more equal between the 1950s and the 1970s.Group of answer choicesTrueFalse