Explain the lingering effects of colonialism and how it is still playing a role in hindering economic development in the developing world
What will be an ideal response?
Answers should be based on the points covered in the section on the colonial impact as well as in lecture.
Economics
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In an economy, if three-fourths of national income goes to labor, and one-fourth to capital stock, the Cobb-Douglas production function for this economy will be:
A) Y = A × 1/4 × K × 3/4 × L B) Y = A × K4 × L3 C) Y = A × K1/4 × L3/4 D) Y = A × K1/3 × L2/3
Economics
Workers with a particular skill are represented by
A. Craft unions. B. Industrial unions. C. Market unions. D. Skill unions.
Economics