Define the following four references and name a country that you ...

[azncindy619]

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

Question 2

Refer to Figure 4-6. What area represents producer surplus at P2?
 
  A) A + B + D B) B + D + G C) B + C + D + E D) B + D

[kiamars2010]

Answer to Question 1

(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.

Answer to Question 2

D

[azncindy619]

Great answer, keep it coming

[bdobbins]

Thanks for the timely response, appreciate it