Why have many developing countries pursued industry at the expense of agriculture? What has been the result of this strategy?
What will be an ideal response?
Because developed economies are characterized by a large share of output and employment in the industrial sector, many developing countries seem to believe that development and industrialization are synonymous. In many cases,
developing countries have pursued industry at the expense of agriculture, with mixed results. Recent evidence suggests that some balance between industry and agriculture leads to the best outcome.
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There is a shortage in a market for a product when
A. demand is less than supply. B. the current price is lower than the equilibrium price. C. supply is less than demand. D. quantity demanded is lower than quantity supplied.
If a small unit tax is imposed on this market, the effect of this tax on the price suppliers receive will be greatest when: a. d is small and b is large
b. d and b are both small. c. d and b are both large. d. d is large and b is small.
Describe the comparable worth controversy?
A theory of taxation that states that ________ is the ability-to-pay principle.
A. taxpayers should contribute to the government in proportion to the benefits they receive from public expenditures B. taxpayers should contribute to the government in a smaller proportion than the benefits they receive from public expenditures C. taxpayers should contribute to the government in a greater proportion than the benefits they receive from public expenditures D. citizens should bear tax burdens in line with their ability to pay taxes