MBA 776 Exam 3 (Chapters 9-12): Questions With
Appropriate Solutions
Stages of Economic Development Correct Answer - Classification by the
United Nations based on industrialization level and per capita income,
including MDCs, LDCs, LLDCs, and NICs.
MDCs (More Developed Countries) Correct Answer - Industrialized
nations with high per capita incomes like Canada, England, France, Germany,
Japan, and the United States.
LDCs (Less Developed Countries) Correct Answer - Industrially
developing nations with low per capita incomes, such as countries in Asia and
Latin America.
LLDCs (Least Developed Countries) Correct Answer - Industrially
underdeveloped agrarian societies with extremely low per capita incomes and
minimal world trade involvement, like parts of Central Africa and Asia.
NICs (Newly Industrialized Countries) Correct Answer - Countries
experiencing rapid economic growth and industrialization, with per capita
incomes exceeding other developing nations, such as Chile, Singapore, Brazil,
Mexico, South Korea, and Taiwan.
Big Emerging Markets Correct Answer - Countries like Argentina, Brazil,
China, India, Indonesia, Mexico, Poland, South Africa, South Korea, and Turkey,
collectively representing half of the world's population and 25% of global
GDP.
Trade Agreements in the Americas Correct Answer - Agreements like
NAFTA/USMCA, MERCOSUR, DR-CAFTA, and CARICOM aimed at promoting
free trade and economic cooperation among countries in the Americas.
Economic Development Correct Answer - Increase in national
production reflected by a rise in average per capita GDP or GNI.
European Economic Community Correct Answer - Established after
WWII, predecessor to the EU
Appropriate Solutions
Stages of Economic Development Correct Answer - Classification by the
United Nations based on industrialization level and per capita income,
including MDCs, LDCs, LLDCs, and NICs.
MDCs (More Developed Countries) Correct Answer - Industrialized
nations with high per capita incomes like Canada, England, France, Germany,
Japan, and the United States.
LDCs (Less Developed Countries) Correct Answer - Industrially
developing nations with low per capita incomes, such as countries in Asia and
Latin America.
LLDCs (Least Developed Countries) Correct Answer - Industrially
underdeveloped agrarian societies with extremely low per capita incomes and
minimal world trade involvement, like parts of Central Africa and Asia.
NICs (Newly Industrialized Countries) Correct Answer - Countries
experiencing rapid economic growth and industrialization, with per capita
incomes exceeding other developing nations, such as Chile, Singapore, Brazil,
Mexico, South Korea, and Taiwan.
Big Emerging Markets Correct Answer - Countries like Argentina, Brazil,
China, India, Indonesia, Mexico, Poland, South Africa, South Korea, and Turkey,
collectively representing half of the world's population and 25% of global
GDP.
Trade Agreements in the Americas Correct Answer - Agreements like
NAFTA/USMCA, MERCOSUR, DR-CAFTA, and CARICOM aimed at promoting
free trade and economic cooperation among countries in the Americas.
Economic Development Correct Answer - Increase in national
production reflected by a rise in average per capita GDP or GNI.
European Economic Community Correct Answer - Established after
WWII, predecessor to the EU
