Describe the vicious cycle of poverty. What are the consequences of this cycle?
What will be an ideal response?
The vicious cycle of poverty explains that the people in LDCs are poor because of a low level of investment in capital goods production, and the low level of investment is because the people are poor. The consequences are high infant mortality rates, low life expectancy, a low percentage of people using safe water, and a low percentage of school aged children in school.
Economics
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Why is real GDP a more accurate measure of the level of production in an economy than nominal GDP? Explain with an example
What will be an ideal response?
Economics
How many and what fraction of the world's people live in advanced economies? In emerging market and developing economies?
What will be an ideal response?
Economics