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WAEC Economics 2001 Question 49

Question 49

Economic Growth and Development

A country is economically rich if

  1. A.there is a lot of money in circulation relative to its population
  2. B.it has a large volume of goods and services relative to its population.
  3. C.it has a large reserve of idle skilled manpower.
  4. D.there is a large amount of reserved mineral resources.
Show the answer and explanation

Answer: B (it has a large volume of goods and services relative to its population.)

Explanation

Wealth is measured by real output per head: goods and services produced relative to population.