Which of the Following Demographic Characteristic Was in Evidence as Late

question 135

Multiple Choice

Which of the following demographic characteristic was in evidence as late as the 1960s?

• A)European nations accounted for three-fourth of the world economic output.
• B)Small U.S.entrepreneurial firms dominated the international business scene.
• C)The U.S.was the third most dominant industrial power behind Germany and the U.K.
• D)Roughly half the world was governed by centrally planned economies.

---

Definitions:

Purely Competitive

Purely competitive markets are those in which numerous small firms compete against each other, and the price of goods or services is determined by the market with no single participant having significant control over it.

Imperfectly Competitive

Describes markets where individual sellers have some control over the prices due to lack of perfect competition, includes monopolistic competition, oligopoly, and monopoly markets.

Perfectly Competitive Market

A theoretical market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product, leading to an efficient allocation of resources.

Resource Demand

The need for resources by businesses or the economy to produce goods and services.