Fully 80% of the World's Population Live in Countries with a GDP

question 239

Multiple Choice

Fully 80% of the world's population live in countries with a GDP:

• A) less than the world average.
• B) more than the world average.
• C) per capita less than the world average.
• D) per capita more than the world average.

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Definitions:

Oligopoly

An industry with just a few firms.

Perfect Competition

A market structure characterized by a large number of small firms, homogenous products, free entry and exit from the market, and full information availability, leading to no single firm influencing the market price.

Concentration Ratio

A metric used in economics to assess the degree of market concentration by measuring the market share of the largest firms within an industry.

Largest Firms

Companies that dominate their industries or markets, often characterized by significant revenue, global presence, and market influence.