In Which of the Following Countries Has Economic Growth Been

question 29

Multiple Choice

In which of the following countries has economic growth been sufficiently strong in recent history to propel that country from being among the poorest in the world to being among the richest in the world?

• A)South Korea
• B)Senegal
• C)India
• D)Indonesia

---

Definitions:

Implicit Costs

The opportunity costs that arise from using assets, resources, or funds in a certain way rather than in the next best alternative.

Wheat Farm

A specialized agricultural operation focused on the cultivation and production of wheat.

Free-rider Problem

A situation where individuals or entities receive the benefit of a good or service without contributing to its cost, commonly associated with public goods.

Market Failure

A situation where the allocation of goods and services is not efficient, often leading to a net social welfare loss.