$\text { Table } 17.1$ Refer to Table 17

question 132

Multiple Choice

$\begin{array}{lll}\text { Year}& \text { Real GDP }& \text { Population }\\\hline1 & \$ 575 \text { billion } & 22 \text { million } \\2 & \$ 580 \text { billion } & 24 \text { million } \\3 & \$ 605 \text { billion } & 25 \text { million } \\4 & \$ 606 \text { billion } & 27 \text { million }\end{array}$
$\text { Table } 17.1$ Refer to Table 17.1.GDP per capita was the

• A)Greatest in year 1.
• B)Greatest in year 2.
• C)Greatest in year 3.
• D)Same each year.

Grasp the effects of government interventions, like subsidies or price ceilings, on market supply and demand.

Comprehend the relationship between the prices of goods and their substitutes or complements on market demand.

Master the concept of equilibrium in the market, recognizing how various factors influence equilibrium price and quantity.

Learn the consequences of innovations and technological advances on supply and production costs.

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Definitions:

Economic Growth

An increase in the amount of goods and services produced per head of the population over a period of time, often measured as the percent rate of increase in real gross domestic product (GDP).

Nations

Large groups of people united by common descent, history, culture, or language, inhabiting a particular country or territory.

Century

A period of 100 years, commonly used as a unit of time to mark historical or chronological significance.

Diminishing Returns

The property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.