Describe the vicious circle of poverty. What are the consequences of this cycle?
The vicious cycle of poverty explains that people in LDCs are poor because of low levels of capital goods
production, and these low levels result because people are poor. The consequences are high infant
mortality rates, low life expectancy, a low percentage of people using safe water, and a low percentage of
school aged children in school.
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Wide acceptance of money without intrinsic value comes largely from the fact that it:
A. has a stable value. B. is convenient to use. C. is hard to counterfeit. D. can be used domestically and internationally.
Tariffs discourage imports by making imported products more expensive to consumers
a. True b. False Indicate whether the statement is true or false
All of the following are associated with a fixed exchange rate policy except:
A. sacrificing control of the domestic inflation rate. B. it means importing monetary policy. C. the need to maintain ample international reserves. D. higher import prices.
U.S. Gross Domestic Product includes goods produced by:
A. U.S. firms on foreign soil. B. foreign firms on U.S. soil. C. foreign firms on foreign soil. D. None of these statements is true.