ECO347
The Lewis model is a classical type model based on the assumption of a
Answer: dual sector economy
The nominal GDP is usually higher than the real GDP because of
Answer: price changes
The endogenous growth theory also known as the
Answer: new growth teory
Marx believed that between the classes is majorly caused of conflict.
Answer: struggle
Economie development can be said to be economic growth plus
Answer: changes
The Harrod model like that of Domar, examines the possibility of
Answer: steady growth
Adam Smith wrote his book “An Enquiry into the Nature and causesof the Wealth of Nations� in
Answer: 1776
Balanced growth and unbalanced growth both focus on
Answer: economic growth
The Solow Model focuses on four variables
Answer: y, k, I and a
There is everywhere in the world, particularly in South Asia, Africa and Latin America countries
Answer: poverty
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