According to the Classification in the Text, Which of the Following

question 49

Multiple Choice

According to the classification in the text, which of the following is not an industrially advanced country (IAC) ?

• A) United Arab Emirates
• B) Israel
• C) Greece
• D) Luxembourg

---

Definitions:

Pretzels

Twisted bread snacks, usually salted, and can be soft or hard, originating from Europe but popular worldwide.

Efficient Allocation

The process whereby resources are distributed in the most effective manner, maximizing the net benefits received by society.

Economic Profits

Economic profits are the total revenues of a firm minus the opportunity costs of all inputs, reflecting the surplus generated beyond the normal rate of return.

Partial Equilibrium

An economic analysis or condition where the equilibrium is studied for only a part of the market, keeping other parts constant.