Provide a definition of development economics. Justify your choice carefully
What will be an ideal response?
See the section in Chapter 1 entitled, "The Nature of Development Economics," on
pages 9–10 for some ideas about how the students might answer this question. They
should in some way say that development economics is more than just growth in GDP.
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An example of a market failure is
A) a firm is dumping toxic waste that is making people sick. B) when not everyone who wants to see a major league football game can. C) when there is an increase in demand and a shortage develops. D) unemployment.
Made in the USA or Made in China has less meaning for products that
A) are a commodity such as iron ore. B) are an agricultural product such as wheat. C) are technological and involve assembling many different types of sometimes sophisticated components. D) are produced and consumed domestically.