Economic takeoff:
A. occurs when development becomes self-sustaining.
B. will eventually occur in all developing countries.
C. typically occurs in the absence of foreign investment.
D. has yet to occur in any developing country.
Answer: A
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Which of the following supply shocks will shift the long-run aggregate supply curve outward?
a. An increase in business taxes b. An increase in gasoline taxes c. An increase in the cost of raw materials d. An increase in the amount and cost of government regulation e. An increase in agricultural output
The banking system currently has $50 billion of reserves, none of which are excess. People hold only deposits and no currency, and the reserve requirement is 10 percent. If the Fed raises the reserve requirement to 12.5 percent and at the same time sells $10 billion worth of bonds, then by how much does the money supply change?
a. It falls by $20 billion. b. It falls by $110 billion. c. It falls by $180 billion. d. None of the above is correct.
Refer to the accompanying figure. If this restaurant makes 75 salads in one hour, then what's the maximum number of pizzas it can make in that same hour?
A. 20 B. 0 C. 10 D. 30
Assume that the marginal propensity to consume out of disposable income is 0.8 and that the government taxes all income at a constant rate of 30%. If the gross income increases by $100, consumption will initially increase by
A) $44 B) $56 C) $70 D) $80 E) $100