ECO347
Question: In economics, the vicious cycle of poverty operates
Answer: both on the demand side as well as the supply side
Question: One of these is a characteristic of LDCs
Answer: Relatively high death rates
Question: Generally speaking, Development Economics deals with problems of the ___ nations
Answer: third world
Question: The nominal GDP is usually ___ the real GDP
Answer: higher than
Question: Karl Marx’s theory on economic development gives us an account of the nature of ___
Answer: Capitalism
Question: Rapid population growth, agriculture, urbanisation, and ___ are some factors responsible for environmental degradation in Less Developed Countries
Answer: industrialization
Question: Solow’s model has three basic sources of Gross Domestic Product (GNP) and they are L, K and C. What do these letters stand for?
Answer: Labour, Capital and Improvements in technology
Question: One of the following indicators can give us an idea of the level of underdevelopment in a country
Answer: Poverty
Question: According to Kuznets, the fundamental points in modern economic growth are all of the given options except ___
Answer: Religious advancement
Question: The Harrod-Domar growth model is interested in knowing the rate of ___ growth that would bring about smooth and sustained growth of the economy
Answer: income
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