Economic takeoff:
A. occurs when development becomes self-sustaining.
B. will eventually occur in all developing countries.
C. typically occurs in the absence of foreign investment.
D. has yet to occur in any developing country.
Answer: A
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Refer to Figure 2-8. If Vidalia chooses to produce 60 dozen orchids, how many roses can it produce to maximize production?
A) 30 dozen roses B) 50 dozen roses C) 100 dozen roses D) 150 dozen roses
If the labor market worked efficiently, then an effective minimum wage law would:
A. cause unemployment. B. hold wages higher than the equilibrium price. C. help those who were employed at that price. D. All of these statements are true.
Which of the following is an implicit cost of going to college?
a. tuition and fees b. books, computer equipment c. income lost from not being able to work full time d. future income e. room and board
People tend to hold more money as
A. the price level rises and interest rates rise. B. the price level falls and interest rates fall. C. the price level rises and interest rates fall. D. the price level falls and interest rates rise.