Which of the Following Is TRUE

question 30

Multiple Choice

Which of the following is TRUE?

• A)India is the world's largest democracy.
• B)India began reforming and opening its economy prior to China.
• C)At the end of the twenty-first century,China will have a larger population than India.
• D)India has a larger population than China currently.
• E)India has a larger manufacturing sector than China.

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Definitions:

Price of X

The amount of money required to purchase a specified amount of good or service 'X'.

Price of Y

The cost or value attributed to a good or service denoted by 'Y', often set by market demand and supply or by the seller.

Utility Function

A mathematical representation that ranks preferences or satisfaction levels of a consumer for different bundles of goods.

Budget Constraint

A representation of all the combinations of goods and services a consumer can afford to buy with their income.