What are some of the issues that economists have to worry about when studying developing nations that are very different from those of advanced industrialized nations?
What will be an ideal response?
In developing nations, an economist may have to worry about chronic food shortages, explosive population growth, and hyperinflations that reach triple, and even quadruple, digits. The United States and other industrialized economies rarely encounter such difficulties.
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Under what conditions would a perfectly competitive cotton farmer who is incurring an economic loss temporarily stay in business?
A) if the total revenue exceeds the total fixed cost B) if the total revenue exceeds the total variable cost C) if the total revenue is positive D) if the total revenue is increasing E) if the marginal revenue exceeds the price.
Purchasing power parity (PPP) measurements of income are a way to make international comparisons by correcting for national differences in
A) unemployment. B) inflation. C) prices of goods and services. D) economic growth. E) government subsidies.