The Common Traits Shared by the Newly Industrializing Economies of the Pacific

question 78

Multiple Choice

The common traits shared by the newly industrializing economies of the Pacific Rim that have experienced rapid economic growth include

• A) export-oriented strategies and subsidized private production of most goods and services.
• B) agriculture-oriented growth strategies and government production of most goods and services.
• C) export-oriented growth strategies and limited the role of governments mainly to infrastructure and institutional development and enforcement of laws.
• D) emphasis on the quantity of output rather than the quality and a large public sector.

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Definitions:

Property Resources

Physical and intangible entities that generate economic value owned by individuals or companies.

Labor

The human effort, including both physical and mental work, used in the production of goods and services.

Total Fixed Cost

The sum of all costs that remain constant regardless of the level of production or business activity.

Output

The total amount of goods and services produced by a company, sector, or economy.