One explanation that economists give for the persistence of poverty in LDCs falls under the category of nonscientific perceptions. An example of this is people in LDCs who
a. are unwilling to devote their energies to intellectual pursuits
b. don't share the values associated with the means to acquire or the acquisition of the materialist world commonly identified with Westerners
c. are not rational, utility-maximizing, economic agents
d. value their children
e. because of climate, require a lower calorie diet to survive
B
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Which of the following is true? a. Poverty, defined as the lack of a minimum level of consumption, could be potentially eliminated, but scarcity could not. b. Scarcity could be potentially eliminated but poverty could not
c. Both scarcity and poverty could be potentially eliminated. d. Neither scarcity nor poverty could be potentially eliminated.
If the nominal interest rate is 18 percent and the real interest rate is 6 percent, the inflation rate is:
A. 18 percent. B. 24 percent. C. 12 percent. D. 6 percent.