Country B has a GDP of $1 trillion and a GDP per capita of $27,000. Its economy is a mix of manufacturing, high tech, services, aviation, agriculture, and mining. It has laws favorable to entrepreneurship and private sector growth. It has multinational corporations that have recently begun outsourcing jobs overseas, resulting in a rise in unemployment. Which of these factors is the strongest sign that Country B has a developed economy?

Question

Social Studies

Luka Waller

20 July, 01:58

Country B has a GDP of $1 trillion and a GDP per capita of $27,000. Its economy is a mix of manufacturing, high tech, services, aviation, agriculture, and mining. It has laws favorable to entrepreneurship and private sector growth. It has multinational corporations that have recently begun outsourcing jobs overseas, resulting in a rise in unemployment. Which of these factors is the strongest sign that Country B has a developed economy?

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Answers (2)

Know the Answer?

Andrew Cervantes · Answer 1

It has a high gross domestic product.

Julian Proctor · Answer 2

The high level of economic growth shown by the GDP and the GDP per capita.

Explanation:

A developed economy is characterized by having high level of economic growth and security. This is measured with the income per capita or per capita gross domestic product, in other words the total market value of all final goods and services produced within a country in a given period of time (usually a year).

Other characteristics that are found in countries with a developed economy are: low birth rate, high life expectancy, high level of literacy, a well trrained work force, and the export of value added goods.

In this case we can see that GDP is very high, that gives us the necessary information to know this is a country with a developed economy.