3. Consider the following statements. If P./ P, increases and a country exports cloth, production of cloth increases and although a country can consume less cloth then before, a country can consume more cloth as well. In either case, a country's welfare is most likely to increase. Biased growth means that a sector in a country's economy experiences more growth than other sectors. Export-biased growth expands a country's PPF in favor of its exports and will tend to improve its terms of trade as well improve its welfare as well as that of other similar exporting countries. (i.) (ii.) (i.) Choose the best answer. a. All the above statements are true. b. Only statements (i) and (i) are true. c. Only statements (ii) and (iii) are true. d. Only statement (i) is true.
3. Consider the following statements. If P./ P, increases and a country exports cloth, production of cloth increases and although a country can consume less cloth then before, a country can consume more cloth as well. In either case, a country's welfare is most likely to increase. Biased growth means that a sector in a country's economy experiences more growth than other sectors. Export-biased growth expands a country's PPF in favor of its exports and will tend to improve its terms of trade as well improve its welfare as well as that of other similar exporting countries. (i.) (ii.) (i.) Choose the best answer. a. All the above statements are true. b. Only statements (i) and (i) are true. c. Only statements (ii) and (iii) are true. d. Only statement (i) is true.
Chapter20: Economic Growth In The Global Economy
Section: Chapter Questions
Problem 2P
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