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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The law of demand states that there is a negative relationship between price and quantity demanded, ceteris paribus
Indicate whether the statement is true or false
The balance of payments ____
a. b and e b. is always zero c. with some nations is different than it is with others d. is negative when the nation runs a trade deficit e. can only be expanded when the government has foreign exchange reserves
If two goods are complementary,
a. a decrease in the price of one good will lead to a decrease in the demand for the other b. the cross elasticity of demand is zero c. an increase in the price of one good will lead to an increase in the demand for the other d. the cross elasticity of demand is positive e. a decrease in the price of one good will lead to an increase in the demand for the other
Which of the following can best be characterized as a subject of macroeconomics?
A. An examination of how a change in demand or supply impacts the price of a good B. An examination of monetary policy C. An examination of specialization D. An examination of the production of a good