Examining the sub-national variation in development for many countries,such as Brazil, China, or Mexico, revealsO development is closely related to access to energy supplies.O there are no substantial variations in wealth at the regional scale.variations exist between regions that are isolated and those connected tointernational trade.O wealth is concentrated in the cooler, mountainous regions.cities are relatively underdeveloped compared to the agricultural lands.Clear sele

substantial variations in development exists at subnational scales Here variations across places…

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Examining the sub-national variation in development for many countries, such as Brazil, China, or Mexico, reveals

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 4P

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Determine whether the following policies and programs support a political environment that promotes economic growth and development in less- developed countries (LDCs). For those that help promote economic growth and development in LDCs, classify each policy or program into one of the following categories: law and order, infrastructure, or international trade. Policies and Programs Efficient transportation systems Openness to international trade Clear private property rights Tariffs and quotas Support economic growth Stable Legal and Political Systems Infrastructure International Trade Inhibit economic growth O O О о OO O О о о
Will free trade and perfect competition lead to an equalization of wage rateacross countries? Explain. Why would the wage rate vary between developedand developing countries in the same sector in a real world situation, even afterthe adoption of free trade?
Some resource-rich countries have succeeded in converting resource wealth into longterm and equitable economic development, while many others have not. Naturalresources have played a fundamental role in the growth of several industrializedeconomies, including Germany and the United Kingdom, where coal and iron ore depositswere a precondition for the Industrial Revolution. The United States was the world’sleading mineral economy from the mid-nineteenth to the mid-twentieth century and in thesame period became the world’s leader in manufacturing (van der Ploeg 2011). Morerecently, countries such as Botswana, Chile, and Norway have used abundant oil andmineral resources as the foundation for economic growth. However, in many othercountries, resource extraction appears to have undermined governance, fed corruptionand capital flight, and increased inequality.Required:(a) Discuss the main challenges posed by resource revenues; and(b) Discuss the special fiscal institutions and mechanisms…
Intellectual property and patent laws vary greatly in developing countries. How wouldyou propose to protect your products in a developing country with a large populationwhere the CEO of a generic pharmaceutical manufacturer states: “The U.S. wouldgrant a patent on a piece of toilet paper. Just because the U.S. granted a patent doesn’tmean it should be valid in our country.”
Suppose Hondamaha, a motorcycle manufacturing firm headquartered in Japan, builds a production plant in Arizona. This is an example of foreign investment in the United States. Which of the following policies are consistent with the goal of increasing productivity and growth in developing countries? Check all that apply. O Increasing taxes on income from savings Imposing restrictions on foreign ownership of domestic capital O Providing tax breaks and patents for firms that pursue research and development in health and sciences O Protecting property rights and enforcing contracts In less developed countries, what does the term brain drain refer to? O Rapid population growth that lowers the stock of capital per worker The emigration of highly skilled workers to rich countries Lower productivity due to a malnourished workforce O Rapid population growth that increases the burden on the educational system
To spur economic growth, underdeveloped countries should: O trade with foreigners. O do all of these. O education their population. O protect property rights.
Descibe differences between economic growth and economic development
What is the equivalent organization to OECD (Organization for Economic Co-operation and Development) that primarily focuses on lesser developed and developing countries? Sol
By taking into consideration the history of the Caribbean, the economic theories underpinningCaribbean development as well as the features of the typical Caribbean economy, construct ahypothetical (ideal) economic model that you consider suitable for the economic development ofthe Caribbean. Ensure that you carefully explain/justify the reasoning behind the development ofyour model.You will now need to analyse your new model. Be sure to clearly show how your “new”model improves on the other models that exist ( charts or graphs of necessary)
Demographic changes and international trade Demography is the study of the structure of human populations – their size, agecomposition, gender mix, growth and so on. Changes in the population, age and gendermix of the world’s major economies suggests that major changes are predicted for theworld economy. Owing to better health care, education and hygiene, major world economies now face thechallenge of an ageing population (increase in the number of people aged 60 years andabove). The population of major economic powers like USA, Germany, South Korea andJapan are predicted to get smaller and older over the next few years. According to theorganization for Economic Cooperation and Development (OECD), the old-agedependency ration will rise dramatically over the next few years. The old-age dependencyratio is the ratio of the number of people aged 65 and above to the number of peoplebetween the ages of 20 and 64. The implications of these demographic changes for countries and companies are…
Statistical evidence suggests that Select one: O a. import substitution proved to be the most effective aid for developing countries before 1970. O b. import substitution tends to lead to relatively low effective rates of protection. Oc. import substitution is to this day the preferred growth strategy promoted by the World Bank. Od. free trade policies promote economic growth more effectively than do import substitution policies. The development of countries like South Korea has been supported by all of the following EXCEPT Select one Oa, high domestic interest rates. Ob Nigh domestic saving rates. Oc large endowments of human capital Od. high levels of labor productivity Oe reduced government regulation
Demographic changes and international trade Demography is the study of the structure of human populations – their size, agecomposition, gender mix, growth and so on. Changes in the population, age and gendermix of the world’s major economies suggests that major changes are predicted for theworld economy. Owing to better health care, education and hygiene, major world economies now face thechallenge of an ageing population (increase in the number of people aged 60 years andabove). The population of major economic powers like USA, Germany, South Korea andJapan are predicted to get smaller and older over the next few years. According to theorganization for Economic Cooperation and Development (OECD), the old-agedependency ration will rise dramatically over the next few years. The old-age dependencyratio is the ratio of the number of people aged 65 and above to the number of peoplebetween the ages of 20 and 64. The implications of these demographic changes for countries and companies are…