Which of the Following Is True of Raw Material Exporting

question 53

Multiple Choice

Which of the following is true of raw material exporting economies?

• A)In raw material exporting economies, the vast majority of people engage in simple agriculture.
• B)Raw material exporting economies typically create a new rich class.
• C)Raw material exporting economies are major exporters of manufactured goods, services, and investment funds.
• D)Raw material exporting economies are rich in one or more resources but poor in other ways.
• E)Raw material exporting economies consume most of their output and barter the rest.

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Definitions:

Preexisting Duty Rule

A legal principle stating that performing a duty that one is already legally obligated to do is not sufficient consideration for a new contract.

Illusory Promise

A statement that appears to be a promise but does not actually bind the party to any commitment or obligation.

Redistribution of Wealth

A process or policy aimed at adjusting the distribution of wealth within a society, usually by transferring wealth from the richer to the poorer segments.

Consideration

Something of value exchanged between parties as part of a contract.