A . Explain why many less-developed economies have greater income inequality than more-developed economies. b. What is the key to greater income equality in less-developed economies? Explain
a . Most are predominately agricultural. Their strong dependence on agriculture restricts the range of
employment opportunities and increases dependence on world commodity markets.
b. The key seems to be the creation of nonagricultural employment and increasing education levels
throughout society. The more diverse the manufacturing activity in a country, the greater the numbers
and varieties of skilled, semiskilled, administrative, managerial, and professional jobs created.
Industrialization draws the agricultural poor from the countryside to the cities, broadening the base of
the country's middle class.
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The United States has never been an individualistic economic system
A. True B. False
In the equation of exchange, what does Q represent?
a. nominal output b. real output c. nominal quality d. real quality
If the consumption schedule shifts upward and the shift was not caused by a tax change, the saving schedule:
A. will not shift. B. may shift either upward or downward. C. will shift downward. D. will also shift upward.
Government involvement in a market may generate more inefficiency than it cures.
Answer the following statement true (T) or false (F)