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Assume that an additional $50,000 in benefits will be received each year if a town hires an additional police officer whose only job would be to catch drivers who drive over the speed limit on its only street.What must the additional cost of this additional police officer be to make this hiring economically rational?
Modernization Theory
A theory suggesting that societies progress linearly from traditional to modern states, emphasizing the role of technology and economic development in this transition.
Dependency Theory
A socioeconomic theory suggesting that resources flow from poor, underdeveloped states to wealthy states, enriching the latter at the expense of the former.
World Systems Theory
A socio-economic theory that suggests the world is divided into core, semi-peripheral, and peripheral countries, with wealth and power concentrated in the core.
Commodity Chain
The network of production and labor processes by which a product becomes a finished commodity. By following the commodity chain, it is evident which countries gain profits and which ones are being exploited.
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