Why is economic development a contentious subject? Use one of the controversies mentioned in the chapter to illustrate why people may not agree on the answers
What will be an ideal response?
Any of the controversies mentioned in the chapter may be used. Students should be able to give some ideas on at least one of these to explain differences of opinion.
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Which of the following most clearly illustrates the concept of "derived demand"?
a. An increase in the price of steak causes the demand for poultry to increase b. An increase in the demand for new houses leads to an increase in the demand for construction workers. c. An increase in consumer income leads to an increase in the demand for services provided by the government. d. An increase in the demand for new cars causes the demand for used automobiles to rise.
It has been argued that the laws that prohibited branch banking were needed to protect consumers from large monopoly banks. Does that argument hold up to close scrutiny? Explain.
What will be an ideal response?