Suppose Country a and Country B Each Have the Same

question 93

Multiple Choice

Suppose Country A and Country B each have the same real Gross Domestic Product (GDP) , equal to $440 billion. Country A has 100 million people and Country B has 175 million people. In this situation, per capita real Gross Domestic Product (GDP) is

• A) the same in both countries.
• B) higher in Country A.
• C) higher in Country B.
• D) an irrelevant factor.

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Definitions:

Economic Duress

A condition in which one is forced to engage in a financial transaction due to threats or pressures, rendering the agreement involuntary.

Irrevocable Offer

An offer that cannot be withdrawn or canceled by the offeror for a specified period, assuming the offeree has given some consideration in exchange for the offer's irrevocability.

Merchant

An individual or entity engaging in the selling of goods or services professionally or commercially.

UCC

Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify the law.