Developing countries have different institutional priorities than developed countries for all of the following reasons except that they:
A. have weaker financial institutions than developed countries.
B. lack the institutional ability to collect taxes, unlike developed countries.
C. have more socially-minded leaders than developed countries.
D. have dual economies, unlike developed countries.
Answer: C
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Velocity is computed as the
a. price level times real GDP divided by the money supply. b. price level times the money supply divided by real GDP. c. real GDP times the money supply divided by the price level. d. real GDP times the money supply divided by the rate at which money changes hands.
Which of the following is a term referring to an unwritten agreement in the labor market that the employer will try to keep wages from falling when the economy is weak or the business is having trouble, and the employee will not expect huge salary increases when the economy or the business is strong?
a. efficiency wage theory b. relative wage coordination argument. c. implicit contract d. insider-outsider model