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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Shoe-leather costs arise from inflation because the velocity of circulation of money ________ as the inflation rate ________
A) decreases; rises B) increases; rises C) does not change; rises D) increases; falls E) does not change; falls
A firm whose price is matched by other firms in the market as a form of tacit collusion is called:
a. a profit maximizing firm. b. a price taking firm. c. an output leader. d. a price leader.
In a recession Keynesians emphasize the need to ________ government spending or ________ taxes, which will cause a multiplier reaction.
A. decrease; decrease B. increase; increase C. increase; decrease D. decrease; increase
What happens when the price level falls?
A. Planned real spending on goods increases but planned real spending on services falls. B. Total planned real spending increases. C. Total planned real spending remains constant. D. Total planned real spending also falls.