What Do Stage Models Assert About Development

question 147

Multiple Choice

What do stage models assert about development?

• A)It is a series of abrupt changes.
• B)It is malleable and based on personal experience.
• C)It is instinctive and immune from modification.
• D)It is gradual and continuous.

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Definitions:

Pareto Efficient Allocations

refers to an economic situation where no individual can be made better off without making someone else worse off.

First Theorem of Welfare Economics

A principle stating that, under perfect competition and with no externalities, the allocation of resources where supply equals demand leads to a Pareto efficient outcome.

Competitive Equilibrium

A state in a market where supply equals demand, with price acting as the balancing factor, and all economic agents are optimizing their outcomes.

Pareto Optimum

An economic state where resources are allocated in a manner that precludes the possibility of bettering one's situation without causing harm to another.