Describe the vicious cycle of poverty. What are the consequences of this cycle?
What will be an ideal response?
The vicious cycle of poverty explains that the people in LDCs are poor because of a low level of investment in capital goods production, and the low level of investment is because the 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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The income elasticity of demand measures
A) the income effect of a change in price. B) the responsiveness of quantity demanded to changes in income. C) how a consumer's purchasing power is affected by a change in the price of a product. D) the percentage change in the price of a product divided by the percentage change in consumer income.
The crowding-out effect can be:
a. zero. b. partial. c. complete. d. any of these.
One plausible explanation for the large amount of U.S. currency outstanding is that many dollars are held abroad
a. True b. False Indicate whether the statement is true or false
Nationally, the place you are most likely to find a butcher creating special cuts for customers is
A. an independent or IGA affiliated grocery store. B. a Walmart or other Superstore. C. a national chain grocery store. D. a Sam's or Costco warehouse club.