Is it true that NIEO stands for New Investments and Economic Organisation?

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True

False

answer is B.

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Detailed Solution

The above statement is False. The economic systems regulated after the Second World War proved fruitful only to western countries. The newly independent countries still suffered from the wounds of many years of colonisation. They also did not want to be regulated by agencies that their former colonisers dominated. Thus, 77 developing countries organised themselves into a group regarded as the Group of 77 or G-77. This group demanded a new international economic order and complete control over their natural resources, and fair pricing on raw materials. They also demanded better access to their goods in international markets.
The correct statement would be that NIEO stands for New International Economic Order.

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