Briefly describe economic growth in Latin America from 1900 to the 1980s
What will be an ideal response?
From 1900 to 1960, the region's real GDP per capita grew as fast as or faster than that of Europe, the United States, or Asia. After World War II, most countries in Latin America experienced good rates of growth, and the two largest countries, Brazil and Mexico, had remarkable increases in their per capita income levels. Circumstances began to change as world economic growth slowed in the 1970s, and Latin American experiences became more varied. Some countries grew faster in the 1970s and some grew slower, but nearly all relied more heavily on government expenditures to stimulate growth. The undoing of this period was the onset of the Latin American Debt Crisis, which led to negative economic growth.
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Money serves as a
A) medium of exchange, unit of account, and store of value. B) means to conduct barter transactions. C) means of payment, legal obligation, and public tax. D) means of worker exploitation and capitalist enrichment. E) means of settling debts, transaction lubricant, and private commodity.
If firms in monopolistic competition are earning economic profits, eventually
A) they shut down. B) they exit the industry. C) the market turns into a monopoly. D) new firms enter the industry. E) the firms in the market increase their production so that their economic profit disappears.
Flat tax
A. is same tax rate to everyone. B. is same tax rate to each component of income. C. allows a tax base with no deductions with a few exemptions and expenses. D. is same tax rate to everyone and to each component of income only. E. all of these answer options are correct.
In general but not always, economic growth:
A. causes economic development, but development does not cause growth. B. does not cause economic development, but development causes growth. C. does not cause economic development, and development does not cause growth. D. causes economic development, and development causes growth.