One explanation that economists give for the persistence of poverty in LDCs falls under the category of nonscientific perceptions. An example of this is people in LDCs who
a. are unwilling to devote their energies to intellectual pursuits
b. don't share the values associated with the means to acquire or the acquisition of the materialist world commonly identified with Westerners
c. are not rational, utility-maximizing, economic agents
d. value their children
e. because of climate, require a lower calorie diet to survive
B
You might also like to view...
Refer to Figure 3.1. Which assumption concerning preferences do Alvin's indifference curves violate?
A) Diminishing marginal rates of substitution B) Transitivity of preferences C) More is preferred to less D) Completeness
President Jackson's reasons for vetoing the recharter of the Second Bank of the United States did not include
a. fears that the bank was nearing insolvency. b. questions of constitutionality. c. concerns over foreign ownership. d. fears that the bank could undo democracy itself.
Which of the following is most frequently used when the Fed is attempting to adjust the money supply?
a. Changing reserve requirements b. Open market operations c. Changing the discount rate d. Moral suasion
A situation in which the long-run average total cost of production falls as the quantity of output increases is called increasing returns to scale
a. True b. False Indicate whether the statement is true or false