How are countries classified based on income?
What will be an ideal response?
Countries can be classified into two main income groups: industrial advanced countries (IACs) and developing countries (DVCs). IACs are characterized by well-developed market economies based on large stocks of capital goods, advanced technology for production, and well-educated workers. The high-income nations include the United States, Japan, Canada, Australia, New Zealand, and most of the nations of western Europe. They had an average per capital income of $38,745 in 2010. DVCs are poor, not highly industrialized, are heavily dependent on agriculture, have high population growth, and have low rates of literacy. The upper-middle-income countries had an average income per capital of $5,844 and lower-middle-income countries had an average income per capital of $1,619 in 2010. There are also low-income countries with an average income per capita of $528. This group is dominated by most of the sub-Saharan nations of Africa.
You might also like to view...
Meat at the supermarket has contributed to increase in food prices in 2010, and high feed and fuel prices mean that steak will likely cost a lot more this fall. The price of feed has increased 50 percent and hay has doubled from two years ago
Based on this information, which of the following is TRUE in the market for beef? A) Consumer surplus will decrease. B) Producer surplus will increase. C) Equilibrium price will decrease. D) Equilibrium quantity will increase.
When deciding what to use as money, one characteristic to look for is the:
A. shape. B. stability of value. C. exchange value D. intrinsic value.
If consumption is $6 billion, investment is $3 billion, government purchases are $1 billion, and GDP is $12 billion, then net exports must equal:
A. $22 billion. B. $10 billion. C. $2 billion. D. $12 billion.
Natural resources, such as crude oil and fish, are often sold in ________markets.
A. local B. labor C. global D. national