ECONOMICS (CBSE/UGC NET)

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ECONOMICS

TECHNOLOGY

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Read the passage below and answer the question that follows. Let’s say the average GDP per capita for the world’s countries is $10, 500. The GDP per capita of Country A is $8, 000. Most of the workforce is employed in either primary or secondary sector jobs. What is most likely about Country A’s economic development?
A
Country A has a developed economy.
B
Country A has a developing economy.
C
Country A has a least-developed economy.
D
We can tell nothing about the economic development of Country A.
Explanation: 

Detailed explanation-1: -World gdp per capita for 2021 was $12, 235, a 12.43% increase from 2020. World gdp per capita for 2020 was $10, 882, a 3.87% decline from 2019. World gdp per capita for 2019 was $11, 320, a 0.32% increase from 2018. World gdp per capita for 2018 was $11, 284, a 5.05% increase from 2017.

Detailed explanation-2: -Understanding a Developed Economy Some economists consider $12, 000 to $15, 000 per capita GDP to be sufficient for developed status while others do not consider a country developed unless its per capita GDP is above $25, 000 or $30, 000.

Detailed explanation-3: -GDP per capita is the measure of the total output of a country where the Gross Domestic Product (GDP) is divided by the total population in the country. Income per capita is a measure of income earned per person in a country within a given period of time. GDP per Capita is calculated as (GDP/Population).

Detailed explanation-4: -Sudan. 2021. 751.8. Tanzania. 2021. 1, 099.3. Timor-Leste. 2021. 2, 741.4. Togo. 2021. 973.2. Tuvalu. 2021. 5, 632.0. Uganda. 2021. 883.9. Yemen, Rep. 2018. 701.7. Zambia. 2021. 1, 137.3. More items

There is 1 question to complete.
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