Average Per-Capita GDP in the Richest, Most Prosperous Economies Is

question 110

Multiple Choice

Average per-capita GDP in the richest, most prosperous economies is ________ times that of the average in the ________ economies.

• A) 95, low (poorest) income
• B) 95, lower-middle income
• C) 73, lower-middle income
• D) 44, low (poorest) income
• E) 69, low (poorest) income

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Definitions:

Profit-Maximizes

The method or approach of modifying production and pricing to secure the maximum achievable profit.

Barriers To Entry

Obstacles that make it difficult for new competitors to enter a market, protecting existing firms from new entrants.

Scarce Resource

A resource with limited availability in comparison to the desired use which exceeds its supply in an economic environment.

Technological Superiority

Having more advanced and efficient technology compared to competitors, often leading to a competitive advantage.