Which of the Following Presents the Correct Picture of the Outcome

question 44

Multiple Choice

Which of the following presents the correct picture of the outcome of increased world trade after the 1950s, contrary to Servan-Schreiber's prediction?

• A) Third World countries were excluded from this economic growth leading to stark imbalances in wealth.
• B) The European Union became the center of world trade, taking the position away from the U.S.
• C) The U.S. attained a positive balance of trade scenario in the 1950s and maintained it continuously till the Great Recession.
• D) Economic power and potential became more evenly distributed among the countries of the world.
• E) SDRs and gold lost their utility as the basic medium of financial exchange and most monetary statistics started relating to the U.S dollar.

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Definitions:

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be enjoyed by anyone and use by one person does not reduce availability to others.

National Defense

Governmental actions and strategies aimed at protecting a country from external threats and ensuring national security.

Agricultural Products

Goods derived from farming and agriculture, including crops, livestock, and other raw materials.

Specialized Tools

These are tools designed for specific tasks or industries, often enhancing efficiency or effectiveness in particular jobs or processes.