Purchasing power parity holds when the exchange rate is equal to the product of the foreign price level and the domestic price level

It has been said that "underdevelopment is a state of mind." Comment

What will be an ideal response?

Which of the following is not an important contribution of the agricultural sector to overall development:

a. increasing national food supplies b. permitting foreign exchange earnings through imports c. allowing excess labor to flow to urban areas d. providing savings for industrial investment e. increasing the demand for manufactured goods g. All of the above are important contributions.