Define the following four references and name a country that you argue would fall into each category
(a) First World
(b) Second World
(c) Third World
(d) Fourth World
(a) The industrialized nations of the West are often referred to as First World. The United States and most European nations fit into this category.
(b) The formerly socialist nations of Eastern Europe used to be referred to as Second World. These countries included the former Soviet Union, Poland, Hungary, the former Czechoslovakia, and others.
(c) The term Third World has been the term that refers to all other nations other than the developed, industrialized nations or the socialist nations of the past. As a result, this term included nations along a vast spectrum of economic growth and development. Thus, countries like Argentina and Korea were grouped in with sub-Saharan African nations. Thus, a new term, Fourth World, has been developed. This term divided nations even further to represent their level of economic advance.
(d) The newly developed term Fourth World refers to countries that have fallen far behind the economic advances of the rest of the world. The countries that fall under this heading are in much of sub-Saharan Africa and some of Southern Asia.
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There is a technological advance in the production of a good and simultaneously also an increase in the expected future price. Which of the following will happen?
A) The equilibrium price will rise because the supply curve shifts rightward. B) The equilibrium price falls because the supply curve shifts leftward. C) The technological improvement shifts the supply curve rightward while the increase in the expected future price shifts the supply curve leftward. The net effect is not known. D) The demand curve shifts rightward and the supply curve does not shift.
Demand is best defined as the:
A) amount of a commodity that buyers would be willing and able to purchase at a specific price. B) price that buyers would be willing and able to pay for a specific quantity of a good. C) relationship between the price of a good and the quantity people are able to purchase, all other things unchanged. D) relationship between the price of a good and the quantity people are willing and able to purchase, all other things unchanged.
The difference between the maximum price a consumer is willing to pay for a product and the actual price the consumer pays is called:
A. Utility B. Consumer Surplus C. Consumer Demand D. Market failure
What is the relative importance of demand and supply factors in explaining rising health care costs?
What will be an ideal response?