Which of the following is correct?
A. Economic development is more quantitative than economic growth.
B. A country cannot achieve economic growth with a limited base of natural resources.
C. Infrastructure is capital provided by the private sector.
D. Economic development in LDCs is low because of many of them lack saving, infrastructure, and a political environment favorable to growth.
Answer: D
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Suppose that there is a negative aggregate demand shock and the central bank commits to an inflation rate target. But if the commitment is not credible, then
A) the public's expected inflation will remain unchanged. B) the short-run aggregate supply curve will rise. C) economic contraction will be worse. D) all of the above. E) both B and C.
How did the global savings glut in the 2000s affect the U.S. current account balance?
A) It caused it to decline by increasing the value of the dollar. B) It caused it to decline by reducing the value of the dollar. C) It caused it to increase by increasing the value of the dollar. D) It caused it to increase by reducing the value of the dollar.