Which development strategy involves shifting from production of raw materials to production of manufactured goods?
a. export-led growth
b. first-mover advantage
c. import substitution
d. multiplier effect
c. import substitution
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An advance in technology will
A) not shift the production function but will lead to a movement down along the production function. B) shift the production function downward. C) not shift the production function but will lead to a movement up along the production function. D) shift the production function upward.
The Gramm-Rudman-Hollings Act was an attempt to bring the federal budget into balance.
Answer the following statement true (T) or false (F)
Compared to consumption spending, investment historically has tended to be
A. more variable. B. greater. C. stagnant. D. more stable.
Assuming no externalities exist, if a good's price is less than its marginal cost, then the benefits consumers derive are
A. greater than the cost of resources needed to produce it and less should be produced. B. less than the cost of resources needed to produce it and more should be produced. C. less than the cost of resources needed to produce it and less should be produced. D. greater than the cost of resources needed to produce it and more should be produced.