Which of the Following Correctly Describes How the "Global Pie

question 74

Multiple Choice

Which of the following correctly describes how the "global pie is baked"?

• A) Advanced economies account for about 50 percent of the value of the world's production.
• B) The U.S.'s share of economic pie is increasing while China's share is decreasing.
• C) The increase in manufacturing has taken place in mainly the advanced economies.
• D) Asia accounts for about 40 percent of the global pie.
• E) Emerging economies account for about 25 percent of the global pie.

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Definitions:

Price Leadership

A situation where one dominant firm in an industry sets the price of goods or services, and other firms follow suit.

OPEC

The Organization of the Petroleum Exporting Countries, an international cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market.

Oil Cartel

An association of oil-producing countries that agree to coordinate their oil production to control the price of oil on the global market.

Norway

A country in Northern Europe known for its vast coastlines, fjords, and extensive welfare system.