In Order for a Country to Progress from a Less

question 21

Multiple Choice

In order for a country to progress from a less developed country (LDC) to a moderately developed country (MDC) , the country would have to:

• A)increase rate of population growth.
• B)move from industry to agricultural economy base.
• C)raise the per-capita income.
• D)increase their unskilled labor force.

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Definitions:

Profit-maximizing Output

The level of production at which a firm achieves the highest possible profit, where marginal cost equals marginal revenue.

Total Cost

The sum of all costs required to produce a certain amount of a good or service, including fixed and variable costs.

Duopoly

A two-firm oligopoly.

Demand Curve

A graph depicting the relationship between the price of a good and the quantity demanded by consumers, typically sloping downwards from left to right.