Developing Countries

question 8

Multiple Choice

Developing countries:

• A) should avoid trade until they are ready to compete globally.
• B) should focus on importing goods rather than relying on export-led growth.
• C) can use imports as a major source of development.
• D) can use trade as a major source of development.

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Definitions:

Protruding

Extending out or projecting in space.

Punitive Damages

Financial compensation awarded in a lawsuit that exceeds simple compensation and is intended to punish the defendant for egregious conduct.

Product Liability

The legal obligation of manufacturers and sellers to compensate for losses or injuries caused by defects or malfunctions of their products.

Implied Warranties

Legal assurances that are not explicitly stated but are assumed in transactions, such as the assumption that goods are of merchantable quality.