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Country A has a GDP per capita of $7,000, which seems very low. Its economy is based on two industries: agriculture and copper mining. It does not have diverse industries, and it has a very small service sector. In addition, the standard of living is low. Based on all these factors, it seems clear that Country A has a developing economy.
Based on the gross domestic product given, the economy that's being exhibited is a developing economy.
A developing economy is also known as a less developing economy. It is an economy that has an underdeveloped industrial base.
Such an economy also has a low human development index when compared to other countries. Since Country A has a GDP of $500 million and a GDP per capita of $7,000. Its economy is based on agriculture and copper mining, it's a developing economy.
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