Taiwan and Jamaica are both islands that have pursued export-oriented development strategies, but Jamaica has experienced increases in unemployment and poverty, while Taiwan has experienced decreases. How might you explain this?
What will be an ideal response?
The type of exports, commodity or manufactured, may matter. You may wish to use other countries as illustrations, depending on the examples you use in lecture.
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In the case of nonexcludable goods, economists contend that the market ___________ produce these goods because of the ________________________.
A. will; free rider problem B. will not; law of diminishing marginal utility C. will not; law of diminishing marginal returns D. will not; free rider problem.
Which of the following is most likely an example of specialization?
a. People work on an assembly line. b. A restaurant divides up the task of serving meals into a range of jobs like top chef, sous chefs, less-skilled kitchen help, and servers to wait on the tables. c. Only those with medical degrees qualify to become doctors. d. A family decides to grow their own crops.
Voluntary exchanges generate:
A. deadweight loss, leaving at least one participant worse off than they were before. B. a transfer of surplus from one participant to another. C. deadweight loss, leaving both participants worse off than they were before. D. surplus, leaving both participants better off than they were before.
The financial sector channels savings back into the spending stream.
Answer the following statement true (T) or false (F)