Podcast
Questions and Answers
What is referred to as terms of trade?
What is referred to as terms of trade?
- The effect of weather on supply
- The effect of business cycles on demand
- The quantity of primary products demanded
- The quantity of imports a country's exports can buy (correct)
Why is it said that it takes more low-priced primary products to buy high-priced manufactured goods?
Why is it said that it takes more low-priced primary products to buy high-priced manufactured goods?
- Raw material-saving technologies decrease the demand for primary products
- Primary products are not considered essential for survival
- Manufactured goods have higher income elasticity of demand than primary products (correct)
- People spend a higher percentage of their income on food as their income rises
What approach involves restricting imports to boost local production and consumption?
What approach involves restricting imports to boost local production and consumption?
- Export-led development
- Nation building
- Import substitution (correct)
- Industrialization
Which factor contributes to the slower rise in the demand for primary products compared to manufactured goods?
Which factor contributes to the slower rise in the demand for primary products compared to manufactured goods?
What is the main purpose of industrialization in nation building?
What is the main purpose of industrialization in nation building?
How did Ecuador and Vietnam benefit from industrialization according to the text?
How did Ecuador and Vietnam benefit from industrialization according to the text?
Which economic growth strategy focuses on developing industries with export potential?
Which economic growth strategy focuses on developing industries with export potential?
What can wreak havoc on economies that rely on exporting primary products?
What can wreak havoc on economies that rely on exporting primary products?
Why does the quantity of primary products demanded not rise as rapidly as manufactured products?
Why does the quantity of primary products demanded not rise as rapidly as manufactured products?
What is one of the benefits that industrialization brings to countries?
What is one of the benefits that industrialization brings to countries?
