The GDP of a Small Country with a Population of 200,000

question 102

Multiple Choice

The GDP of a small country with a population of 200,000 is $56,000,000.The income per capita in the country is ________.

• A) $50
• B) $100
• C) $200
• D) $280

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Definitions:

Valid Acceptance

In contract law, a manifestation of assent to the terms of an offer in a manner invited or required by the offer, constituting a binding legal agreement.

Unilateral Contract

A contract in which one party makes a promise in exchange for the other's performance, which constitutes acceptance of the offer, focusing on acted-upon promises rather than exchanges of promises.

Full Performance

The complete fulfillment of all terms and obligations specified within a contract, leading to its termination upon satisfactory execution by all parties involved.

Bilateral Contract

A contractual agreement involving two parties where each promises to perform an act in exchange for the other's act, with mutual obligations binding both parties.