In General, the Modernization Theorists Have Seen the Solutions to Problems

question 88

Multiple Choice

In general, the modernization theorists have seen the solutions to problems of underdevelopment to lie in:

• A) the withdrawal of the underdeveloped countries from the capitalist world- economy
• B) the development of socialism
• C) greater fiscal austerity on the part of Third World governments
• D) greater contact between the underdeveloped countries and the developed world, especially in the form of greater capital investment and more diffusion of technology

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Definitions:

Economic Profit

The difference between total revenues and total costs, including both explicit and implicit costs, measuring the true profitability of an enterprise.

Accounting Profit

The difference between a firm's total revenue and its explicit costs, often reported in the financial statements.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, representing the true profitability of a company.

Accounting Profit

The difference between the total revenue received from sales and the total explicit costs of a business.