In terms of economic and social conditions, how do industrially advanced countries and developing countries differ?
What will be an ideal response?
Industrially advanced countries have sophisticated market systems with a large stock of capital goods, advanced production technologies, and a well-educated labor force. Developing countries, on the other hand, are relatively industrialized. Their literacy rates are low. They have high unemployment and population growth is rapid. Their main exports are agricultural goods and raw materials. DVC have little capital equipment and low labor productivity.
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What are the basic arguments of the classical growth theory?
What will be an ideal response?
Which of the following will shift the aggregate demand curve to the left, ceteris paribus?
A) an increase in disposable income B) an increase in expected profits for firms C) an increase in net exports D) an increase in interest rates
At any point on the LM curve
a. there is labor market equilibrium. b. money supply equals money demand. c. equilibrium output equals potential output. d. both commodity and money market are necessary for equilibrium. e. both b and c.
Product-specific services are valuable to complex ________ goods that consumers purchase ________.
A) experience; infrequently B) inspection; frequently C) experience; frequently D) inspection; infrequently