The emerging market economies are
A) the nations with the highest standards of living.
B) most of the nations of Western Europe.
C) in transition from state-owned production to free markets.
D) the largest grouping including the nations of China and India.
E) the nations that are currently agricultural in nature.
C
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Scarcity and shortages differ in that
A) scarcity is caused by natural disasters and shortages are caused by mistakes people make. B) scarcity is a condition of human life while shortages are usually temporary phenomena related to an imbalance between the amount desired and the amount produced. C) scarcity is a type of shortage but shortage is a broader concept. D) shortages apply to resource markets while scarcity applies to product markets.
Under the non-strategic view of bargaining, the terms of agreement are determined by
a. Each parties outside options b. Your gain from agreement c. Your opponents gain from agreement d. All of the above