What Is the Income Per Capita of Genovia If Its

question 52

Multiple Choice

What is the income per capita of Genovia if its GDP is $4,000,000 and its total population is 20,000?

• A) $100
• B) $200
• C) $400
• D) $120

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Definitions:

Cottage Industry

A small-scale industry where products are handcrafted in a home-setting, often involving traditional methods.

Division Of Labor

The allocation of different parts of a manufacturing process or task to different individuals or groups to improve efficiency and productivity.

Production

The process of combining various inputs like labor, capital, and raw materials to make goods or provide services.

Proprietor's Income

The income earned by the owner of a sole proprietorship from the business.