(Table) Look at the Table of Data for Two Countries;

question 28

Multiple Choice

(Table) Look at the table of data for two countries; which statement correctly identifies the country in which consumers are better off on average and why? $$\begin{array} { | l | l | l | l | l | } \hline \text { Country } & \text { GDP for } 2016 & \text { Population } & \begin{array} { l } \text { Consumer } \\\text { purchases as a } \\\text { share of GDP }\end{array} & \begin{array} { l } \text { Investment as a } \\\text { share of GDP }\end{array} \\\hline \text { Econoland } & \text { S40 billion } & 20 \text { million } & 70 \% & 15 \% \\\hline \text { Macroland } & \$ 80 \text { billion } & 42 \text { million } & 80 \% & 9 \% \\\hline\end{array}$$

• A) Econoland because its GDP per capita is higher.
• B) Macroland because its GDP per capita is higher.
• C) Econoland because its consumption purchases per capita is higher.
• D) Macroland because its consumption purchases per capita is higher.

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Definitions:

Standard Contract

A standard contract is a pre-drafted agreement using set terms and conditions, often used in routine business transactions where negotiation is minimal or not permitted.

Unilateral Mistake

A unilateral mistake occurs when only one party to a contract is mistaken about a basic assumption on which the contract is based.

Unilateral Mistake

A misunderstanding by one party in a contract that does not affect the other party's understanding, often not providing grounds for contract cancellation.

Stradivarius Violin

A Stradivarius violin refers to one of the string instruments built by members of the Stradivari family, particularly by Antonio Stradivari, renowned for their superb craftsmanship and powerful sound qualities, highly prized and valuable.