What was the thesis to James O'Neill's paper where he introduced the BRIC acronym?
A) These nations were going to collapse.
B) These were failing states and thus a treat to global stability.
C) These economies were moribund and needed IMF assistance.
D) These nations had the potential to change global trade and capital flows.
E) These nations would repeat the patterns of development and business cycles as the United States and Europe had in their economic history.
D
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The principle of subsidiarity is a way to
A) divide power between local governments and unions. B) provide support for industries in decline. C) provide support for industries under pressure from foreign competition. D) divide power between national governments and the EU.
A vocal minority of economists, believers in the theory of rational expectations, insist that
a. the Phillips curve is downward sloping even in the short run. b. the Phillips curve is vertical even in the short run. c. a trade-off exists between inflation and unemployment even in the long run. d. expansionary fiscal and monetary policy can reduce unemployment without creating inflation.