The First Stage of Global Development, According to Friedman, Was

question 34

Multiple Choice

The first stage of global development, according to Friedman, was characterized by:

• A)the growth of European mercantile stock companies.
• B)the ascension of multinational companies.
• C)advances in global electronic interconnectivity.
• D)the introduction of modern communications and cheaper shipping costs.
• E)how much industrial power countries could produce and apply.

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Definitions:

GDP

The total value of all produced goods and services within a country over a particular time period is what Gross Domestic Product (GDP) measures.

GDP Deflator

A measure of the level of prices of all new, domestically produced, final goods and services in an economy in a year, intended to adjust the nominal GDP to reflect changes in price levels.

National Income

The total value of all goods and services produced by a country's economy over a specific period, often used as a measure of economic health.

Wages

Financial compensation paid by an employer to an employee for their labor, typically calculated on an hourly, daily, or piecework basis.