Most of the world's population lives in developed, rather than developing, countries.
Answer the following statement true (T) or false (F)
False
Around 6.1 billion people, out of 7.6, live in developing countries.
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A monopolist maximizes profits by finding
A) the rate of output where marginal revenue equals marginal cost. B) the rate of output where price equals marginal cost. C) the price where price exceeds marginal revenue by that largest amount. D) the price where average revenue and marginal cost are equal.
The extra revenue produced by the change in quantity, on a per-unit basis, is called:
A. marginal benefit. B. marginal revenue. C. infra marginal units. D. both marginal benefit and marginal revenue.
Legal attempts to arrange one's financial decisions so as to pay the least tax possible are known as
a. tax evasion b. logrolling c. tax avoidance d. rent seeking e. underreporting
A high concentration ratio indicates that:
A. The industry is highly profitable B. The industry is highly competitive C. Many firms produce most of the output in an industry D. Few firms produce most of the output in an industry