ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Country B has a developed economy.
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Country B has a developing economy.
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Country B has a least-developed economy
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We can tell nothing about the economic development of Country B.
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Detailed explanation-1: -Gross world product per capita is obtained by adding the GDP of each of the countries and dividing the total GDP by the combined population of these countries. GDP per capita of the World, comprising 193 economies, in 2021 is projected at US$12, 167 in nominal terms, obtained by data from IMF.
Detailed explanation-2: -Gross Domestic Product (GDP) per capita shows a country’s GDP divided by its total population. The table below lists countries in the world ranked by GDP at Purchasing Power Parity (PPP) per capita, along with the Nominal GDP per capita.
Detailed explanation-3: -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-4: -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).