Which of the Following European Countries Was the Slowest to Industrialize

question 47

Multiple Choice

Which of the following European countries was the slowest to industrialize?

• A) Russia
• B) Belgium
• C) France
• D) Austria-Hungary

---

Definitions:

Expected Monetary Value

A statistical technique in decision-making under uncertainty, calculating the weighted average of all possible outcomes, considering both the probabilities and the monetary impacts.

Optimal Act

The best or most favorable action to take in a given situation, often determining the maximum efficiency or minimum cost.

Prior Probabilities

Represents the probabilities of events based on existing knowledge before new evidence is introduced.

Subjective Probability

The individual's personal judgment or estimate of the likelihood of an event occurring.