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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When practicing price discrimination, a firm can increase its revenue by:
a. charging a higher price to the customers with a more inelastic demand. b. charging a higher price to the customers with a perfectly elastic demand. c. supplying more in a market with a more inelastic demand. d. supplying less in a market with lower elasticity of demand. e. charging a lower price in a market dominated by wealthy consumers.
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
John Maynard Keynes did NOT accept the classical assumption that
A. full employment is the natural state of the economy. B. money balances are held only for transaction purposes. C. interest rates do not affect the quantity of money demanded. D. Keynes did not accept any of the above assumptions.
Which of the following is an example of a positive statement?
A) Prices determine what goods and services are produced in a market economy. B) The government of the Soviet Union determined the three fundamental questions of microeconomics (i.e., what is produced, how it is produced, who receives the product). C) The production of goods and services should be determined by market prices. D) A and B