Which of These Is an Example That Supports the Functionalist

question 37

Multiple Choice

Which of these is an example that supports the functionalist view?

• A)The League of Nations was replaced by the United Nations.
• B)The international community strongly supports sanctions against North Korea.
• C)The General Agreement on Tariffs and Trade evolved into the World Trade Organization.
• D)The Cold War competition between the United States and the Soviet Union produced a long period of international stability.

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Definitions:

Equilibrium Price

Equilibrium price is the price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in market balance.

Welfare Economics

A branch of economics that focuses on the optimal allocation of resources and goods and aims to evaluate the economic well-being of individuals and society.

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total net benefits to all participants in the market transaction.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers at those prices.