Consider the Following Data to Answer the Questions That Follow

question 31

Multiple Choice

Consider the following data to answer the questions that follow.

-Which country has the highest level of GDP per capita?

• A) A
• B) B
• C) C
• D) D
• E) E

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Definitions:

Very Inelastic

Describing a situation where the demand or supply for a good or service is largely unaffected by changes in price.

Inelastic

A characteristic of a good where its demand does not significantly change with changes in price.

Percentage Change

A mathematical calculation that describes the relative change between an old value and a new value, expressed as a percentage.

Unit Elastic

A situation in demand or supply where a change in price leads to an equal proportionate change in quantity demanded or supplied.