Upper Middle-Income Countries Are Defined as

question 75

Short Answer

Upper middle-income countries are defined as
those with per capita income between US$4036 and US$12 475.
those with per capita income between US$5210 and US$8210.
those with per capita income between US$765 and US$21 345.
those with per capita income between US$3595 and US$11 115.
those with per capita income between US$205 and US$9386.

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Definitions:

Normal Good

A product whose demand increases when consumer income rises and falls when consumer income decreases.

Income Increases

Refers to a rise in the amount of money that individuals or households receive, from sources such as wages, investments, or benefits.

Indifference Map

A graphical representation of a consumer's preferences for different combinations of goods, where each curve indicates all combinations that offer the same level of satisfaction or utility.

Indifference Curves

Graphs showing combinations of goods or services among which a consumer is indifferent, reflecting preferences and trade-offs.