Which of the Following Is NOT Characteristic of Middle-Income Countries

question 45

Multiple Choice

Which of the following is NOT characteristic of middle-income countries?

• A)home to vast natural resources
• B)very little diversification and development
• C)include former Soviet countries,such as Armenia and Belarus,and South and Central American states,such as Brazil and Belize
• D)comprise over 70% of the world's population

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Definitions:

Competitive Industry

Competitive industries are characterized by three factors: (1) firms produce a product or service with very close substitutes meaning demand is very elastic, (2) firms have many rivals and no cost advantage over those rivals, and (3) the industry has no barriers to entry or exit.

Market Demand

The total volume of goods or services that consumers in a specific market are willing and able to purchase at different price levels.

Market Equilibrium

A state in which market supply and demand balance each other, and, as a result, prices become stable.

Competitive Industry

A sector characterized by many participants striving to offer better products or services than their rivals.