A key reason why some nations show little or no growth is
A) overpopulation that overuses limited resources.
B) too much private property not directed by the government.
C) too much international trade so that all economic growth spills over to foreigners.
D) patents in rich nations that keep technology only for the rich.
E) lack of incentives to undertake actions toward growth.
E
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In a _____, the state owns all means of production
A. mixed economy B. planned economy C. market economy D. totalitarian state
All of the following are characteristics of a perfectly competitive market except:
A) a large number of sellers. B) perfectly elastic demand. C) a homogeneous product. D) barriers to entry.
Crowding out occurs when public provision of a good substitutes for private provision.
A. True B. False C. Uncertain
For a single country to influence the price of some good in the global market:
A. it must be considered a price taker. B. the country must be large relative to other nations in the world C. the quantity it produces and consumes must be small relative to the total amount of that good bought and sold worldwide. D. the quantity it produces and consumes must be large relative to the total amount of that good bought and sold worldwide.