Which of the Following Is a Fully Industrialized Country

question 27

Multiple Choice

Which of the following is a fully industrialized country?

• A) Brazil
• B) Russia
• C) Germany
• D) Argentina
• E) China

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Definitions:

Mercantilism

A trade theory which suggests that trade generates wealth for a country with a trade surplus, with emphasis on colonization and military conquest.

Interventionist Trade Theory

A theory suggesting that government intervention in international trade through policies and regulations is necessary to correct market failures and protect domestic industries.

Trade Surplus

Occurs when a country's exports exceed its imports, indicating a positive balance of trade.

Neo-Mercantilism

A trade theory which suggests that trade generates wealth for a country with a trade surplus, with emphasis on rapid economic development.