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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The loss to society resulting from a tax includes the
A) deadweight loss. B) consumer surplus paid to the government in the form of tax revenue. C) producer surplus paid to the government in the form of tax revenue. D) deadweight loss plus the consumer surplus and producer surplus paid to the government as tax revenue. E) deadweight loss minus the tax revenue collected by the government.
The network of devices directly communicating data to a computer without a person having to enter the data is known as
A) the Internet of Things. B) Big Data. C) Synergistic Communications. D) Artificial Intelligence.
In the rational expectations model
a. markets are perfectly competitive and in equilibrium. b. markets may not clear even if wages and prices are otherwise perfectly flexible. c. markets may temporarily be in disequilibrium. d. only anticipated changes in aggregate demand affect output.
Harry, the owner of a beauty salon, hires a new hair stylist. The wages paid to the new stylist are
A) a private cost and not an external cost. B) an external cost and not a private cost. C) both a private cost and an external cost. D) neither a private cost nor an external cost. E) only a private benefit because people want their hair styled.