If the Population of Country a Is 400 and the Real

question 143

Multiple Choice

If the population of Country A is 400 and the real GDP per capita of Country A is $200,000 , then the GDP in country A is:

• A) $500.
• B) $50.
• C) $8,000,000.
• D) $80,000,000.

---

Definitions:

Price-Inelastic

Describes a situation where the demand for a product does not significantly change with a change in its price.

Price-Elastic

A characteristic of a good or service that indicates the demand for it changes significantly when its price changes.

Demand Pay

Compensation determined by the desirability or demand for specific job skills in the labor market.

More Elastic

Refers to a greater sensitivity or responsiveness of the quantity demanded or supplied to changes in price, indicating a more noticeable shift in consumer or producer behavior in response to price fluctuations.