Use the Following to Answer Questions

question 129

Multiple Choice

Use the following to answer questions :
Table: South Korea's Real GDP per Capita
-(Table: South Korea's Real GDP per Capita) Look at the table South Korea's Real GDP per Capita. As a percentage of real GDP per capita in 2000, approximately how much did South Korea produce in 1960?

• A)10%
• B)15%
• C)151%
• D)1,011%

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Definitions:

Quantity Demanded

The overall quantity of a product or service that buyers are ready and capable of buying at a specific price.

Price Change

Refers to the variation in the cost of a good or service over time.

Short Run

A period in economics during which at least one input, such as plant size, is fixed and cannot be changed.

Long Run

A period in economics where all factors of production and costs are variable, allowing for complete industry adjustment.