Modified True or False The Lewis Theory of Economic Development assumed two distinct sectors, namely, Capitalist Sector and Subsistence Sector.
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Modified True or False
The Lewis Theory of Economic Development assumed two distinct sectors, namely, Capitalist Sector and Subsistence Sector.
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- Which was a theory introduced by Adam Smith?Select one:a. Theory of Population.b. Theory of Market Gluts.c. Theory of Economic Development.d. Theory of Income Distribution. Which one was true about Hesiod's thought?Select one:a. Because of unlimited resources, choices had to be made between work and leisureb. Basic economic problem was limited resourcesc. Efficient management required effective leadershipd. Trade was an inferior way of acquiring wealth Which was not a true statement to refer to the economy environment before AD 1500?Select one:a. Strong national statesb. Self-sufficient economyc. Money and credit were not widely usedd. There was little trade Which was not one of the major tenets of the Classical School?Select one:a. Self-interested economic behavior.b. Economic analysis such as Theory of Rent.c. Total government involvement.d. Harmony of interests. Which was not one of the economic justices discussed by Aristotle?Select one:a. Retributive justiceb. Distributive…dont use chatgpt answer In the specific-factors model, labor migration from Mexico to the United States will cause _________ in U.S. low-skilled wages and _________ in Mexican low-skilled wages. A) increases; decreases B) increases; increases C) decreases; decreases D) decreases; increasesA large part of China's growth was due to export-led investment. They used the country's centralized authority to coordinate investments across industries. As more producers located in China, the greater the benefits were for other suppliers to operate there. What economic growth model is this statement consistent with? Lewis two-sector model The Big Push Kremer's O-Ring Theory Neocolonial Dependence Model
- Explain how Marx's principle may or may not apply to today: - capitalism survives by exploiting the workersThe view of economic philosophy (economic philosophy) states that development is freedom (development is freedom) while poverty and inequality are approached from the capability approach. Critically explain this philosophical economics view of poverty-inequality and development.10. T/F/U. Corrupt countries have higher GDP per capita because these countries have more power and influence. 11. T/F/U. The Solow Model says that economic growth is a function of two things: capital and ideas. 12. T/F/U. Price controls can lead to increases in discrimination. In your answer, use an example to explain why this is or is not the case. 13. T/F/U. Price floors are socially beneficial because they lead to improvements in the quality of goods and services sold. 14. T/F/U. Minimum wages help the poorest individuals the most because they increase their wage above the market wage. 15. T/F/U. A country can have a comparative advantage and an absolute advantage when trade is involved. Use an example to support your explanation.
- Based from the material provided, give the point of view of the following classical economists on economic development. Explain the pros and cons. Economist Focus and viewpointAdam SmithDavid RicardoJohn Stuart MillThomas MalthusMarx and EngelsJosephSchumpeter Reflection:Do you think the concepts and views of the economists are true and relevant for economicdevelopment? (cite the theories/ views of the economist/s that are relevant)Which is the correct interpretation of the Invisible Hand? (A) The corporations associated with weapons, pharmaceuticals, and agriculture profit, thus increasing economic growth. (B) People are less likely to trade with foreigners, since they know more about the domestic market. (C) Capitalism and the free market lead to maximum prosperity for society. (D) The gap between a worker’s labour value and the capitalist’s profit begets alien ation of labourUse what you know about economic base concepts to associate labor sectors with urban economies. Pre industrialization agricultural production Industrial Era Globalized financial service centers Manual to mental labor changes.
- What’s the relationship between the QBL, inclusive capitalism, conscious capitalism, and a regenerative economyWhich statements is TRUE? 1. O- Ring Model posits that there are no small tasks in the development process of nations. 2. Diagnosis of an economic problem reduces the chance of failure in solving it. 3. Inequality can be addressed by correcting the distortion in the prices of economic resources. 4. Distortions in the wage of workers can be avoided when the labor market is competitive. 5. The Foster-Greer-Thorbecke Index is a class measure of the levels of poverty and income inequality.The law of increasing opportunity cost arises because of the lack of labour mobility?