11 Questions
What are the characteristics special to a crop?
All of the above
What is the domestication process for a plant?
Good
What crops were domesticated first?
Peas, barley, beets, and oats
What are the main reasons that countries fail to grow?
All of the above
According to the Solow Model, why is capital unimportant in the long-run but possibly important in the short run?
Because in the long run, technology is the main driver of economic growth, not capital
What is the key to long-run growth in the Solow Model?
Technology
Why did the concept of the 'financing gap' fail to guide developing economies properly?
Because it was not meant for developing countries to reach their desired capital ratio
Which model encourages countries to analyze their strengths by looking at factors endemic to the country of production?
The Heckscher-Ohlin model
What are some disadvantages of specializing in agricultural goods?
Slow or stagnant economic growth
What is the main difference between the Import Substitution Strategy and the Export Promotion Strategy?
The Import Substitution Strategy focuses on domestic demand, while the Export Promotion Strategy focuses on global market demand
What are some problems that arise with import substitution?
All of the above
This quiz covers various topics including the Malthusian trap, population growth, birth and death rates, sustainable population, the Harrod-Domar model, resource availability, economic growth, investment in capital, investment financing, borrowing, and ideal ratios. Test your knowledge on these subjects and see how well you understand them.
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