In Recent Decades

question 244

Multiple Choice

In recent decades,

• A) all countries classified as DVCs have had little or no economic growth.
• B) some nations classified as DVCs have grown rapidly, while others have grown very slowly or not at all.
• C) all countries classified as DVCs have experienced rapid economic growth and rising living standards.
• D) all countries classified as low-income DVCs have had declining per capita GDPs.

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Definitions:

Say's Law

A principle attributed to French economist Jean-Baptiste Say, suggesting that supply creates its own demand, meaning production inherently generates the demand for goods and services.

Consumption

The action or process of using goods and services for personal needs or desires, typically considered as a component of GDP.

Keynes

Refers to John Maynard Keynes, a British economist whose theories on government economic intervention to mitigate the adverse effects of recessions and depressions significantly influenced modern macroeconomics.

Aggregate Demand

The entire market demand for goods and services in an economic setting, priced collectively at a given level during a specified period.