An example of how economic growth might not lead to economic development is:
A. the rate of literacy increased among all groups when a nation’s economy grew.
B. people had greater social mobility due to the growth experienced in the nation.
C. the average income in a nation increased with greater GDP growth.
D. when a nation’s economy grew, the rate of malnutrition among children was relatively constant.
D. when a nation’s economy grew, the rate of malnutrition among children was relatively constant.
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Firms under perfect competition produce:
a. homogeneous products. b. unique products. c. either standardized or differentiated products. d. differentiated products. e. antique products.
As price rises, quantity demanded ___________.
Fill in the blank(s) with the appropriate word(s).
Recall the Application about the effect of global warming on economic growth to answer the following question(s). According to this Application, a study of municipalities in Latin and South America found that a one degree Celsius rise in temperature was associated with:
A. no measurable change in per capita income. B. a small decline in real income and a small increase in per capita real income. C. a slight increase in municipal per capita income. D. a decline in municipal per capita income.