From a macro perspective, high-income, mass-producing nations (such as the USA and Australi

Question

Quizplus · Accepted Answer

High-income, mass-producing nations were initially able to dominate the global market as exporters of basic manufactures, but as developing countries have become more industrialized and specialized in manufacturing, these nations have ultimately become importers of such products. This can be attributed to various factors such as cheaper labor costs and better technology in developing countries, as well as the shift towards more service-based economies in high-income nations.

From a Macro Perspective, High-Income, Mass-Producing Nations (Such as the USA