According to the World Bank, in 2006, China's GDP was approximately $2.7 trillion (or $2,700 billion). That same year, India's GDP was approximately $906.3 billion
With which of the following populations would China's standard of living have been considered higher than India's that year?
A) China's population = 500 million; India's population = 125 million
B) China's population = 8.3 billion; India's population = 1.1 billion
C) China's population = 1.3 billion; India's population = 1.1 billion
D) China's population = 3.5 billion; India's population = 1.1 billion
C
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Suppose the government wants to reduce illegal importation of exotic animals used as pets and tries to achieve this goal by interrupting the supply of illegally imported exotic animals
If the demand for these animals is highly inelastic, this government effort will result in A) a small reduction in the quantity of exotic pets demanded. B) a large reduction in the quantity of exotic pets demanded. C) no change in the quantity of exotic pets demanded. D) an increase in the quantity of exotic pets demanded.
If the fringe supply curve shifts leftward in the dominant firm model, then the resulting market equilibrium price is ________ and the dominant firm's quantity ________
A) lower, decreases B) lower, increases C) higher, decreases D) higher, increases