The three stages of economic development include
A) the agriculture stage, the manufacturing stage, and the service sector stage.
B) the computerized stage, the agriculture stage, and the manufacturing stage.
C) the feudal stage, the agriculture stage, and the totalitarian stage.
D) the agriculture stage, the manufacturing stage, and the socialist stage.
A
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An expenditure-changing policy
A) alters the direction of the economy's total demand for goods and services. B) alters the level of the economy's total demand for goods and services. C) has no effect on aggregate demand. D) is the same thing as an expenditure-switching policy. E) affects aggregate supply but not aggregate demand.
A special license is required to operate a taxi in many cities. The number of licenses is restricted. More drivers want licenses than are issued. This describes a non-perfectly competitive market because
A) taxi services are very different. B) firms cannot freely enter and exit the market. C) transaction costs are high. D) the government generates revenue from the licenses.
A program likely to make a big dent in chronic poverty is:
A. unemployment insurance. B. health insurance. C. job training. D. none of the above are likely to be effective in reducing chronic poverty.
Which of the following is not an obstacle to development for many less-developed countries?
a. limited capital goods production b. lack of infrastructure c. lack of skilled workers d. dependence on exports of natural resources e. high savings rate