Match the correct stage of the Rostows stages of economic growth High MassConsumptionPeople start toseekknowledge andbreak awayDrive toMaturityfrom thetraditionalmindset. ThePolitical, social,andinstitutionalworkforceshifts fromTakeoffagriculture toframeworks inmanufacturing.InvestmentPreconditionsfor Takeoffsocietychange.Urbanizationincreases,increases andoutput rises.IndustryacceleratesandinfrastructureTraditionalcontinues toimprove, andproductionсараcitysurges in somemanufacturingindustries, withSocietyinfrastructureimproves.Creates newindustries whilestrengtheningexisting ones.ImprovesConsumerism -spends moneytechnologicaladvances aswell.onnonessentialPrimitive formof organization;political poweris local,regional, orbased on landenergy,transportation,andgoods.Purchase ofcommunicationsystems. Seeseconomichigh ordergoods becomecommon.ownership.Family plays adominant role.Socialgrowth greaterthan populationgrowth.Invests insocialSupports astrong tertiarysector. Tradeexpands.structures limiteconomicmobilityinfrastructure(schools,hospitals etc.)

Kindly, see rundown of Rostow's 5 Stages underneath: The following is a definite blueprint of…

Answered: Match the correct stage of the Rostows…

Business

Economics

Match the correct stage of the Rostows stages of economic growth

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 22CTQ: What assumptions about the economy must he true for the invisible hand to work? To what extent are...

See similar textbooks

Similar questions

If an economy can produce various combinationsof food and shelter along a productionpossibilities curve (PPC), then if we increase theproduction of shelter along the PPC, which ofthe following is true?a. We also increase the production of food.b. We must decrease the production of food.This forgone food production representsthe opportunity cost of the increase inshelter.c. We cannot change the production of food.d. The concept of opportunity cost does notapply along PPC.
In an election debate, two candidates for governorare debating about whether to raise the generalsales tax from 5 to 7 percent. One argues that thiswould increase tax revenues, enabling the stateto maintain essential services. The other arguesthat the tax would hurt retailers and consumers,and would actually slow down the economy somuch that it would decrease tax revenues too.Restate these candidates’ positions in economicterminology, and explain what assumptions theymust be making in order to justify their differentpositions, in terms of price and quantity effects
France and Poland each have one worker whosemonthly linear Production PossibilityFrontier indicatesthe following production possibilities: PolandFranceComputers (C) 246Grain (G) 43 a) Franceâ€™sopportunity cost of G in terms of units of C equals ______ ? b) Polandâ€™sopportunity cost of G in terms of units of C equals ______ ?For the followingparts, please complete the questions by filling in the blank, and responding toremainderof the question: c) Polandâ€™scomparative advantage is in ______ because: d) If France and Poland decide to trade, _________ will be theexporter of G while ______ will bethe importer because: e) If the economies choose to trade, the world relative priceof goods must be ________ in orderfor trade to be mutually beneficial, because: 4.In the following problem, assume that the UK currency is the pound sterling (PST)and thecurrency in the restof the Europe is the euro (EUR). Suppose that thePST appreciates relative to the EUR. For the following parts, you will…
France and Poland each have one worker whosemonthly linear Production PossibilityFrontier indicatesthe following production possibilities: PolandFranceComputers (C) 246Grain (G) 43 a)Franceâ€™sopportunity cost of G in terms of units of C equals ______ ? b) Polandâ€™sopportunity cost of G in terms of units of C equals ______ ?For the followingparts, please complete the questions by filling in the blank, and responding toremainderof the question: c) Polandâ€™scomparative advantage is in ______ because: d) If France and Poland decide to trade, _________ will be theexporter of G while ______ will bethe importer because: e) If the economies choose to trade, the world relative priceof goods must be ________ in orderfor trade to be mutually beneficial, because:
During the 2007–2009 recession, the value of commonstocks in real terms fell by more than 50%. How mightthis decline in the stock market have affected aggregatedemand and thus contributed to the severity of therecession? Be specific about the mechanisms throughwhich the stock market decline affected the economy.
Using sound economic theory, develop a macroeconomic econometric model that would test the relationshipbetween globalisation and economic development in South Africa. You are to state the a priori expectations ofwhat the model would tell us, and you are to write the model using ‘Word Equation’. Finally, each variable that isincluded must be justified regarding its relevance for being there.
Consider the two-period endowment model discussed in class where theeconomy is populated by m consumers and a government. The agents derive utilityfrom consumption in current and future period. The utility is well behaved. Supposethat the government, instead of borrowing in the current period, runs a governmentloan program. That is, loans are made to consumers at the market real interest rater, with the aggregate quantity of loans made in the current period denoted by L.Government loans are financed by lump-sum taxes on consumers in the current period(denoted by T), and we assume that government spending is zero in the current andfuture periods (i.e., G = G0 = 0). In the future period, when the government loansare repaid by consumers, the government rebates this amount as lump-sum transfers(negative taxes) to consumers. Hence, if we call T r0the lump sum transfers in thefuture period, then T r0 = −T0 > 0.(a) Write down the government’s current period budget constraint andits future…
You are an economic advisor to the government. Discuss your opinion . a) How COVID-19 pandemic will affect the consumption behavior as well as the investment done by the firms and household for the next two years? b) What are the actions or policies that the government can implement to face this situation? please answers with analysis and --graph (if possible)
Review the numbers for Canada and Venezuelafrom Table 33.12 which describes how many barrelsof oil and tons of lumber the workers can produce. Usethese numbers to answer the rest of this question.a. Draw a production possibilities frontier for eachcountry. Assume there are 100 workers in eachcountry. Canadians and Venezuelans desire bothoil and lumber. Canadians want at least 2,000tons of lumber. Mark a point on their productionpossibilities where they can get at least 3,000tons.b. Assume that the Canadians specializecompletely because they figured out they havea comparative advantage in lumber. They arewilling to give up 1,000 tons of lumber. Howmuch oil should they ask for in return for thislumber to be as well off as they were with notrade? How much should they ask for if theywant to gain from trading with Venezuela? Note:We can think of this “ask” as the relative price ortrade price of lumber.c. Is the Canadian “ask” you identified in (b) alsobeneficial for Venezuelans? Use the…
A researcher gave sports-card traders a sports card in exchange for their participation in thestudy. There were two possible cards, A and B. Each participant randomly received one ofthe two cards, and was then asked whether she would like to exchange it for the other card.a) By neoclassical (traditional economics) logic, approximately what percentage ofparticipants should exchange? Why? (Hint, the reason does not depend on whetherthe two cards are of equal value.)b) Among inexperienced traders, 6.8% make the exchange. Explain this phenomenon using prospect theory.c) Among experienced traders, 46.7% make the exchange. Why might experiencedtraders behave differently from inexperienced ones?
Some people argue that we need “more proof ” or “betterscience” before we commit to changes in our energyeconomy. How much certainty do you think we needbefore we take action regarding climate change? Howmuch certainty do you need in your own life before youmake a major decision? Should nations and elected officialsfollow a different standard? Do you feel that theprecautionary principle (pp. 155, 220) is an appropriatestandard in the case of global climate change? Why orwhy not?
) Consider the following closed economy SImodel set upY = 18000C = 300 + 0.8(Y − 2500)I = 3500 − 400(r)G = 3000T = 2500(a) Compute the impact on r and I, if Gincreases by 500.(b) Compute the impact on r and I, if Gincreases by 500.(c) Compute the impact on r and I, if bothG and T increase by 500.