If you wanted to investigate whether a country was successfully developing, what information would you look for? What qualifications might you have to make to the data you have put together?
What will be an ideal response?
Drawing on this and the first chapter, the key variables would be higher per capita GDP, changes in the structure of output, reduction of poverty, and increasing life expectancy and levels of education. The limitations of the GDP data should be noted as well as the general problem of reliable data from governments with limited data-gathering capabilities.
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The difference between inventories and inventory investment is that typically ________
A) the first one is a stock of unfinished or unsold goods; the second one is a flow that indicates productive activity B) the first one denotes the change in holdings of capital; the second one includes most final goods C) the first one is measured at the beginning of the year; the second one is measured at the end of the year D) all of the above E) none of the above
An effective import quota
a. lowers the price of imports b. lowers the price of domestic goods competing with imports c. increases the variety of goods available to the consumer d. increases tax revenues e. lowers the quantity demanded of the imported good