Podcast
Questions and Answers
Which factor tends to equalize prices in different countries?
Which factor tends to equalize prices in different countries?
- Labor supply
- Labor demand
- Factor prices (correct)
- Wage rates
What is the main purpose of the Import Substitution Strategy?
What is the main purpose of the Import Substitution Strategy?
- To analyze country's strengths
- To expand exports
- To produce goods previously imported (correct)
- To limit imports and grow GDP
What is the main disadvantage of specializing in agricultural goods?
What is the main disadvantage of specializing in agricultural goods?
- Decreased demand for commodities
- Higher prices for basic commodities
- Slow economic growth (correct)
- Increased demand for luxury goods
What is Dutch Disease?
What is Dutch Disease?
What are the characteristics special to a crop?
What are the characteristics special to a crop?
What is the domestication process for a plant?
What is the domestication process for a plant?
What crops were domesticated first?
What crops were domesticated first?
What are the main differences in sedentary and hunter/gatherer lifestyles?
What are the main differences in sedentary and hunter/gatherer lifestyles?
According to the Solow Model, why is capital unimportant in the long-run but possibly important in the short run?
According to the Solow Model, why is capital unimportant in the long-run but possibly important in the short run?
Why did the concept of the "financing gap" fail to guide developing economies properly?
Why did the concept of the "financing gap" fail to guide developing economies properly?
Has the application of the Solow model to developing economies worked?
Has the application of the Solow model to developing economies worked?
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