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Homework answers / question archive / In this section we defined a poor or less-developed country as a country with a low per capita GDP
In this section we defined a poor or less-developed country as a country with a low per capita GDP. Does it follow that the people in a country with a low per capita GDP are not as happy as the people in a country with a high per capita GDP? Explain your answer.
2. Application. Suppose the United States buys 1 million cars from Japan each year. If the dollar depreciates relative to the yen, will Americans buy more or fewer than 1 million cars from Japan? Explain your answer.
