Which of the following statements explains the vicious circle of poverty?
a. By investing in education and infrastructure at the same time, the country can overcome the problems of poverty.
b. Poverty arises out of the lack of investment, but countries cannot invest because they are poor.
c. A nation can shift its production possibilities curve inward by shifting more resources into the production of capital goods.
d. A nation can shift its production possibilities curve outward by shifting more resources into the production of consumer goods.
e. There are dual economies in the world: Some are meant to be rich and others are meant to be poor.
b
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For the Bureau of Labor Statistics to place someone in the "unemployed" category, that person must
a. have worked no more than 10 hours during the past week.. b. have tried to find employment during the previous year. c. not have been laid off. d. None of the above is correct.
The demand curve for the product of a perfectly competitive firm is
A) perfectly elastic. B) perfectly inelastic. C) elastic at high prices and inelastic at low prices. D) identical to the elasticity of demand on the market demand curve.