Describe in general terms four or five characteristics of less-developed countries.
What will be an ideal response?
Less-developed countries have high populations and high birth and death rates, have low standards of living as measured by per capita GDP, and rely on technology and other needed inputs from the developed countries. More than half of their populations are engaged in agricultures where productivity is low. These countries make poor use of their labor and underemployment abounds. They have high illiteracy rates and a low percentage of their populations in school at any level. Life expectancy is low; people suffer from malnutrition and disease and have few health-care opportunities.
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The marginal revenue curve for a single-price monopoly
A) is horizontal. B) is upward sloping. C) lies above the market demand curve. D) lies below the market demand curve.
During the Civil War (1861–1865), hyperinflation occurred in
(a) the North. (b) the South. (c) both the North and South. (d) neither the North nor the South.
Suppose the U.S. inflation rate falls while the inflation rate among the members of the European Monetary Union (EMU) holds constant. Other things equal, what will happen in the balance of payments accounts?
What will be an ideal response?
What is true about government budget deficits and surpluses since 1940?
A) There have been more government budget surpluses than government budget deficits.
B) The number of government budget deficits is about the same as the number of government budget surpluses.
C) Balanced budgets have been more common than government budget deficits or government budget surpluses.
D) There have been more government budget deficits than government budget surpluses.