Of what significance is the “will to develop”?
What will be an ideal response?
This is undoubtedly a most significant factor that can influence economic development. Countries without vital natural resources like Japan have developed in spite of that obstacle because individuals and society had the “will to develop.” On the other hand, countries endowed with great natural resource supplies have not developed because of horticultural impediments. Tribal allegiances may take precedence over national identity; religious and philosophical beliefs may restrict work habits and prevent population control; a class system may hinder mobility; and finally, institutions such as school systems and land ownership patterns may inhibit growth and change.
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Discuss the correct and incorrect economic analysis in the following statement
"If good weather in Hawaii creates a bumper crop of pineapples, the supply of pineapples will increase. This will result in a price decrease, which will then cause the supply of pineapples to decrease."
According to utility theory, a consumer is in equilibrium when:
a. total income is spent. b. marginal utility per dollar spent for a good is maximized. c. total utility per unit of a good is maximized. d. total utility per dollar spent is equal for all goods. e. marginal utility per dollar spent is equal for all goods.