ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Germany has no natural resources that other countries demand.
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Germany has a low gross domestic product and high unemployment.
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Germany can produce automobiles more efficiently than other countries.
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Germany sells automobiles to domestic consumers for very low prices.
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Detailed explanation-1: -Germany’s economy, the world’s fourth largest and Europe’s largest, is based on exports of high-quality manufactured goods and has been hurt by high energy prices. Reliance on imports of Russian energy and exports to China are major liabilities.
Detailed explanation-2: -In the business world, it is well known that Germany has a strong economy and worldwide trading reputation, but why is this? The German economy’s competitiveness and worldwide networking can be attributed to its elevated level of innovation and strong export orientation.
Detailed explanation-3: -Germany has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. Germany is a member of the European Union (EU).
Detailed explanation-4: -Germany’s “social market” economy largely follows market principles, but with a considerable degree of government regulation and wide-ranging social welfare programs. Germany is the largest consumer market in the European Union with a population of 82.4 million.