In 2012, countries classified as low-income had a per capita gross national income of less than _____ in U.S. dollars. High-income countries, including both industrial market economies and high-income oil exporters, had a per capita gross national income of _____ and higher. In 2011, the per capita gross national income was _____ in the United States and _____ in Sierra Leone.
$1006; $12,275; $48,890; $850
According to the rule of 70, if output is growing 5% per year, it will take _____ years for output to double.
It will take 14 years for output to double. This is calculated as follows: 70/5 = 14.
In the United States, ____% of the labor force produces enough agricultural output to feed the entire nation.
2; In the United States and other high-income countries, agriculture is highly mechanized, and a small part of the population produces an abundant harvest, including some for export.
Because the demand for agricultural output is not very responsive to price changes, __________.
a bumper crop will lead to a big price drop; A bumper crop means an increase in supply, which causes a large decrease in price if demand is inelastic.
True or false.
All industrialized countries are in tropical climates.
false; All industrialized countries are in temperate climates.
Dualism refers to the coexistence of__________.
urban, market-oriented societies and rural societies with little market activity; Almost all developing countries are really two societies in the same country, and this coexistence is called dualism.