__________ Refers to the Condition When a Country Is Provided

question 69

Multiple Choice

__________ refers to the condition when a country is provided a benefit as it enters a new industry first.

• A) Special trading privilege
• B) Neo-colonialism
• C) First-mover advantage
• D) Entrepreneurial benefit

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Definitions:

Milton Friedman

An influential American economist known for his strong advocacy of free-market capitalism and for his role in the Chicago School of Economics.

John Maynard Keynes

A British economist whose theories on the importance of government intervention in economies during downturns led to the development of Keynesian economics.

Marginal Propensity

The ratio of the change in an economic agent's consumption as a result of a change in income, influencing saving and spending habits.

Save

To allocate income or resources for future use instead of immediate consumption, often by placing it in some form of a bank account or investment.