Which of the following about economic growth is true?
a. The developed nations are growing rapidly and the less-developed nations are stagnating.
b. Most of the countries that have achieved the highest growth rates in the world during the last quarter of a century were classified as LDCs in 1980.
c. It is an oversimplification to divide the world into the growing, developed nations and the stagnating, less-developed nations.
d. Both b and c are true.
e. All of the above are true.
D
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In the long run, the key reason that money is neutral is that
A) the federal budget is balanced. B) prices are flexible. C) business cycles have become much milder. D) the nominal interest rate must equal the real interest rate.
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.