Which of the Following Is NOT TRUE

question 31

Multiple Choice

Which of the following is NOT TRUE?

• A) There is a large economic divide between wealthy countries and poor countries.
• B) The United States belongs in the wealthy group of countries.
• C) For a country to develop, economic growth must occur (GDP increases).
• D) In the past, a variety of terms was used to describe underdeveloped countries.
• E) Most of the wealthy countries in the world are in the northern hemisphere.

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Definitions:

Upward

Referring to a direction or trend that indicates an increase, improvement, or rise in position or value.

Industry Demand Curve

Represents the total demand for a product or service across all consumers in a given market, showing how quantity demanded varies with price.

Infinitely Price Elastic

Describes a situation where the quantity demanded or supplied changes by an unlimited amount in response to any change in price.

Total Revenues

The overall amount of money generated by a business from its normal business operations.