Which of the following do development economists NOT recommend to nations seeking to increase their rates of economic growth?
A) protecting home producers from international competition
B) letting creative destruction run its course
C) promoting increased education
D) promoting private property rights
A
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In 1982, the retirement age was raised in such a manner that it is 65 for everyone born before 1938
A. and 70 for everyone born in 1960 or after, with a gradual increase in between. B. and 67 for everyone born in 1960 or after, with a gradual increase in between. C. and 70 for everyone else. D. and 67 for everyone else.
If the demand for KFC chicken is price elastic, a fall in the price of KFC chicken will raise the total revenue
Indicate whether the statement is true or false
Table 1.3 shows the hypothetical trade-off between different combinations of brushes and combs that might be produced in a year with the limited capacity for Country X, ceteris paribus.Table 1.3Production Possibilities for Brushes and CombsCombinationNumber of combsOpportunity Cost(Foregone brushes)Number of brushesOpportunity Cost (Foregone combs)J4 0NAK3 10 L2 17 M1 21 N0NA23 On the basis of Table 1.3, the highest opportunity cost for brushes in terms of combs is
A. 0.29 comb per brush. B. 0.50 comb per brush. C. 23 combs per brush. D. 0.10 comb per brush.
Assume households have positive wealth. If the income effect is ________ the substitution effect, a decrease in interest rates will increase saving and decrease consumption spending by households.
A. greater than B. unrelated to C. less than D. equal to