After a policy of import substitution has begun, a developing country finds that employment has not risen significantly and that urban unemployment seems to be rising. Explain how these developments might be connected
What will be an ideal response?
Modern sector enrichment with wage increases/migration/capital intensive industries.
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Government policies that increase the long-term economic growth rate by a small amount result in ________ in average living standards.
A. no change B. small increases C. large increases D. small decreases
A core principle of the economic way of thinking assumes social phenomena
A) are less important than economic phenomena. B) are more important by far than economic phenomena. C) cannot be influenced by ethical considerations. D) emerge from individuals' choices.
Job lock is good for the U.S. work force.
A. True B. False C. Uncertain
An import quota imposed by the U.S. would reduce U.S. imports, but have no impact on U.S. exports
a. True b. False Indicate whether the statement is true or false