More Than Half of the World GDP Growth in Recent

question 12

Multiple Choice

More than half of the world GDP growth in recent years comes from ____.

• A) The Four Tigers (Hong-Kong, Singapore, South Korea, and Taiwan)
• B) Latin America
• C) Central and Eastern Europe
• D) Emerging economies, such as BRIC (Brazil, Russia, India, and China)

---

Definitions:

Short Run

A period in economics where at least one input is fixed and cannot change, limiting the capacity for production adjustments.

Long Run

In economics, refers to a period in which all factors of production and costs are variable, allowing for complete adjustment to changes.

Economic Profit

The discrepancy between the overall income and the sum of all expenses, encompassing both direct and indirect costs.

Monopolistically Competitive

A market scenario where multiple firms compete on product differentiation, price, and quality, while maintaining some degree of market power.