One Common Measure of Economic Development Is a Country's

question 112

Multiple Choice

One common measure of economic development is a country's

• A) gender ratio.
• B) gross national income.
• C) infant mortality rate.
• D) population density.
• E) total geographical area.

---

Definitions:

Total Product

The overall quantity of output that a firm produces, usually within a given period, considering all factors of production.

Complementary Resources

Assets or inputs that enhance the value or effectiveness when used in conjunction with another resource.

Least-costly Combination

In production, using the mix of resources that minimizes cost while producing a given level of output.

Marginal Resource Cost

Marginal resource cost is the additional cost incurred by producing one more unit of a good or service.