The government's role in a developing country is important during the country's development process because building social overhead capital
A. cannot be taken on by the private sector.
B. can only be financed by the private sector.
C. can only be achieved in a developing country.
D. requires a joint venture between the public and private sectors.
Answer: A
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If demand for a product is perfectly inelastic, a change in price will not change total revenue
Indicate whether the statement is true or false
When competitive forces in an industry are weak,
a. the absence of competition generally leads to overproduction. b. prices may exceed the amount consumers are willing to pay. c. the operational efficiency of private firms will be enhanced. d. higher prices and less than optimal production may result.
If a production function shows declining marginal product of an input as the quantity of the input increases, then the production function exhibits
a. diminishing profitability. b. increasing returns to scale. c. increasing marginal product. d. diminishing marginal product.
Total changes in GDP over time are:
A. bigger than the annual growth rate due to compounding. B. smaller than the annual growth rate due to compounding. C. smaller than the annual growth rate due to backsliding. D. bigger than the annual growth rate due to population growth.