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With only 2 square kilometers of national territory, Monaco is the second smallest country in the world, after Vatican City. Monaco is a principality, and Prince Albert II reigns as sovereign. It is located on the Mediterranean coast, surrounded on three sides by France. Monaco has a population of 36,000 people, is entirely urbanized, and is the most densely populated country on earth. Owing to its small physical size and lack of arable land, Monaco’s economy is based overwhelmingly on tertiary service activities, such as tourism, banking, and insurance. There is also a small industrial production sector made up of cosmetics, pharmaceuticals, construction, and food processing. The high cost of real estate means that the majority of the country’s workforce commutes daily from France or ...

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