During the Cold War, Which Term Was Used When Referring

question 91

Multiple Choice

During the Cold War, which term was used when referring to the United States, Australia, and Western Europe?

• A) First World
• B) Second World
• C) Third World
• D) Fourth World

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Definitions:

Unemployment Rate

The proportion of the workforce that is unemployed and actively looking for work.

Price Level

An index indicating the general pricing trends in an economy, reflecting the cost living and purchasing power.

Aggregate Output

A composite measure of all final goods and services produced in an economy during a given period; real GDP.

Aggregate Demand Curve

A curve that shows the relationship between the overall price level and the total demand for all goods and services in an economy.