MyLab Economics with Pearson eText -- Access Card -- for Principles of Microeconomics
17th Edition
ISBN: 9780134081168
Author: CASE, Karl E.; Fair, Ray C.; Oster, Sharon E.
Publisher: PEARSON
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Chapter 21, Problem 2.3P
To determine
Why poor countries are trapped in a vicious circle of poverty.
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Students have asked these similar questions
What factors explain why many low-income countries are not catching up with high-income countries?
Question 23 options:
Failure to enforce the rule of law.
Private property rights.
Wars and revolutions.
Poor education and health systems.
Low rates of saving and investment.
An independent court system.
Central banks.
The incentive to make money.
According to Adam Smith, where does the wealth of a country come from? What does society need in order to enable the growth of wealth?
To answer this question please refer to chapter 13, "Development Economics: The Wealth and Poverty of Nations," in Charles Wheelan's Naked Economics:Undressing the Dismal Science.
According to Wheelan all of the below are important determinants for economic growth and development of nations, EXCEPT THIS ONE. Which of the below does Wheelan consider to be NOT ESSENTIAL for economic growth and development?
A) Well-defined property rights.
B) Openness to trade.
C) Non-excessive levels of regulation.
D) Possession of large amounts of natural resources.
E) Human capital.
F) Responsible fiscal and monetary policy.
Chapter 21 Solutions
MyLab Economics with Pearson eText -- Access Card -- for Principles of Microeconomics
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- Which of the following is the Role of Science and Technology? I. Have the power to better the lives of poor people in developing countries II. Differentiators between countries that are able to tackle poverty effectively by growing and developing their economies, and those that are not. III. Engine of growth IV. Interventions for cognitive enhancement, proton cancer therapy and genetic engineering a. I, II, III and IV b. I, II, III c. I only d. I and IIarrow_forwardAccording to Jason Hickel how do rich countries de-develop?arrow_forwardWhat is the connection between individualism, collectivism and economic development in a country? Is your chosen country an individualist or collectivist culture? What economic indicators do you use to tell how well a country has been doing economically? How has your country's economic development been over the last 10 years?arrow_forward
- does globalization has created new problems and exacerbated existing difficulties for many of the urban poor?arrow_forwardDiscuss the factors that determine whether the standard of living in a country will be high or low. Why do poor countries find it difficult to raise the standard of living of their citizens?arrow_forwardLooking at the lessons of the East Asian Development Model, which claim is not true: -Over time economic development will lead to better informed citizens. -Most economists agree that democracy and free markets are prerequisites for economic growth and development. -The East Asian development model requires governments to take a hands-off approach to economic policy. -Democracy will continue to face continuing pressure in East Asia -. East Asian culture highly values saving and investment .arrow_forward
- Free-market economies have _____ . low levels of growth in their economies little freedom for producers and consumers a lot of competition between businessesarrow_forwardMany countries import considerable amounts of goods and services from other countries. Yet economists argue that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. Can you reconcile these two facts?arrow_forwardPolitical economists have offered a range of explanations of economic and human development. These explanations can be grouped into two types: political and economic. Which type of account best explains why some countries are developed but not others?arrow_forward
- Goods and Services) Explain why each of the following would not be considered “free” for the economy as a whole: Food stamps U.S. aid to developing countries Corporate charitable contributions Noncable television programs Public high school educationarrow_forwardWhy is China still poor in per capita terms despite having the second-largest economy in the world in terms of real GDP?arrow_forwardHow has the process of economic development been similar in Japan, South Korea, Taiwan, and China since the end of World War II, and how has it been different in each country?arrow_forward
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