Question

Question. True or False. The term developing country (DVC) is applied to rich nations like the United States and Germany because their economies are always growing quickly by developing new technologies.

Short answer

The above-given statement is false.

Step-by-step solution

Developing countries

The nations in the world are classified into two as Industrially Advanced Countries (IACs) and developing countries (DVCs).The DVCs refer to the high-income and rich countries, and developing countries refer to those countries that are upper-middle-income and low-income countries.

These countries are mainly located in Africa, Asia, and Latin America, and they are characterized by wide variations in per capita income.

Reason for the statement being wrong

The term developing countries are not suitable for the countries that are growing quickly using developing new technology; these are the features of Industrially Advanced Countries. The markets of developing countries won’t be much advanced, and the economy won’t be a fast-growing one.

Another reason for the statement being false is that both the US and Germany are developed markets and not developing countries.