Country X Is Likely to Be in the Age of Mass

question 8

Multiple Choice

Country X is likely to be in the age of mass consumption according to Rostow's five-stage model of economic development if:

• A) its economy is primarily driven by natural resource extraction.
• B) the economy is moving away from agriculture and toward manufacturing.
• C) the economy is driven by low-cost manufacturing.
• D) it is primarily a service economy.
• E) its economy is primarily agrarian.

---

Definitions:

Exogenous

Factors or influences arising outside of a system that affect a model or process, without being affected in turn by that system.

Demand Shock

A sudden event that increases or decreases demand for goods or services in an economy, often leading to changes in prices and output.

Expansion Phase

A period in the business cycle when the economy moves from a trough to a peak, characterized by an increase in economic activity, production, and employment.

Prosperity

A state of economic well-being characterized by financial success, growth, and good fortune, where living conditions and quality of life are improved.