What Measure of Economic Development Is Used Most Often to Classify

question 258

Multiple Choice

What measure of economic development is used most often to classify nations as industrially advanced or as developing?

• A) per capita income
• B) life expectancy at birth
• C) per capita energy consumption
• D) daily per capita calorie supply

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Definitions:

Policymakers

Individuals or groups responsible for making and implementing policies, especially in government and legislative contexts.

Natural-rate Hypothesis

The theory suggesting that there is a specific level of unemployment that exists in an economy that is not eliminated by monetary policy in the long run.

Favorable Supply Shock

An unexpected event that suddenly increases the supply of a product or service, resulting in decreased prices and increased quantity.

Short-run Phillips Curve

The short-run Phillips Curve represents the inverse relationship between inflation and unemployment in an economy over a short-term period.