Modernization Theory Claims That

question 74

Multiple Choice

Modernization theory claims that

• A)poor nations can never become rich in today's world.
• B)the main causes of poverty involve culture and technology.
• C)the main causes of poverty involve multinational corporations.
• D)most poor nations were richer in the past.

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Definitions:

Output

The total amount of goods and services produced by an economy or a firm in a specific period.

Natural Monopoly

A market condition where a single firm can supply a good or service to an entire market at a lower cost than two or more firms, often due to high fixed costs or unique resources.

Competitive Industries

Sectors of the economy characterized by a large number of firms competing fiercely with one another to sell similar products or services.

Monopoly Power

The ability of a single company or entity to control and dominate an industry or market, limiting competition and potentially manipulating prices.