According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development.
B. a sufficient condition for development but not a necessary condition.
C. a necessary condition for development but not a sufficient condition.
D. neither a necessary nor a sufficient condition for development.
Answer: C
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A small firm's __________ usually has the task of getting to know the loan officers of local banks
A) accountant B) owner C) production manager D) tax attorney
Accounting profit is
a. always less than economic profit b. never less than economic profit c. equal to economic profit if a normal profit is earned d. less than economic profit only when implicit costs are greater than explicit costs e. greater than economic profit only when implicit costs are greater than explicit costs
The federal funds market is the market in which:
a. banks borrow from the Fed. b. bank customers borrow from their banks c. banks borrow from each other. d. the federal government borrows from the Fed. e. the federal government borrows from members of the general public.
A normative economic statement such as "The minimum wage should be abolished"
a. would likely be made by an economist acting as a scientist. b. would require values and data to be evaluated. c. would require data but not values to be evaluated. d. could not be evaluated by economists acting as policy advisers.