Which Characteristics Do the Least-Globalized Nations Tend to Share

question 48

Multiple Choice

Which characteristics do the least-globalized nations tend to share?

• A)They are the largest in economic size.
• B)They are the richest and most powerful.
• C)They are the least-developed and most autocratic.
• D)They are the smallest and most dependent on trade.

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Definitions:

Collective Willingness

The shared desire or intention among members of a group to achieve a common objective or undertake a specific action.

Supply And Demand Graph

A visual representation used in economics to show the relationship between the supply of products and the demand for them.

Public Good

A product or service that is non-excludable and non-rivalrous, meaning it can be used by anyone without diminishing its availability to others.

Allocative Efficiency

The apportionment of resources among firms and industries to obtain the production of the products most wanted by society (consumers); the output of each product at which its marginal cost and marginal benefit are equal, and at which the sum of consumer surplus and producer surplus is maximized.