Which of the Following Is True About the Triad

question 35

Multiple Choice

Which of the following is true about the Triad?

• A)Triad countries account for approximately one-third of world income and one-third of world population.
• B)Triad countries account for approximately 75% of world income as measured by GNP.
• C)Triad countries are those in which consumer products, industrial products, and the services sector each contribute one-third to GDP.
• D)Triad countries account for approximately 25% of world income as measured by GNP.
• E)Triad countries account for approximately 50% of world income as measured by the World Bank.

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Definitions:

Market Price

The existing cost for acquiring or disposing of an asset or service in a designated market.

Competitive Market

A market structure characterized by many buyers and sellers, freedom of entry and exit, and products that are similar, leading to competition driving prices to equilibrium.

Lowest Price

the minimum price at which a product or service is offered in the market.

Producer Surplus

The difference between the amount that producers are willing to accept for a good or service and the actual amount they receive, due to higher market prices.