It Is Estimated That in 2007, Mexico Had a Population

question 198

Multiple Choice

It is estimated that in 2007, Mexico had a population of 110 million and Brazil had a population of 190 million. At the same time, Mexico's GDP was $1 trillion while Brazil's was $1.31 trillion. These data show that

• A) Brazil had a healthier economy than did Mexico.
• B) Mexico's GDP per person was lower than was Brazil's GDP per person in 2007.
• C) Mexico's GDP per person was $9,090 in 2007.
• D) Brazil's GDP per person was $5,300 in 2007.

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Definitions:

Long Run

A period in economic analysis where all factors of production and costs are variable, allowing full adjustment to changes.

Weekly Operating Profits

Weekly operating profits describe the earnings a business generates from its normal operations over a one-week period, excluding any income from investments or other non-operational sources.

Short Run

An interval in economic studies where a minimum of one production element remains constant and is unalterable.

Variable Costs

Expenses that change in proportion to the activity of a business.