Which of the following public policies would be least likely to result in more rapid economic growth for a poor or developing country?
a. policies designed to promote economic development in coastal areas
b. policies designed to foster strict enforcement of property rights
c. policies designed to foster free trade
d. inward-oriented policies
d
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Choose which statement is most correct
A) Real GDP can never exceed potential GDP. B) Real GDP must always equal potential GDP. C) At times, real GDP can exceed potential GDP. D) Nominal GDP can never exceed potential GDP. E) Nominal GDP must always equal potential GDP.
According to the theory of structural patterns of development, which of the following tends to occur as a country develops?
a. a shift from agriculture to industry and services b. an increase in the percentage of income spent on food c. growth of the rural sector d. a decline in trade as a share of GNP