Which of the Following Is Most Characteristic of Developing Nations

question 194

Multiple Choice

Which of the following is most characteristic of developing nations?

• A) a small percentage of the labor force in agriculture
• B) a relatively equitable distribution of income
• C) low levels of labor productivity
• D) low rates of population growth

Understand how different factors of production are not equally suited for producing all types of goods and the implications of this for the economy.

Understand the concept of economic growth as indicated by shifts in the production possibilities frontier.

Identify and explain the concept of opportunity cost and how it varies with different production choices.

Recognize the implications of producing at various points on or inside the production possibility frontier (PPF) in terms of efficiency, unemployment, and resource utilization.

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Definitions:

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Individuals who possess authentic and extensive knowledge or skills in a particular area, subject, or field.

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To have or express a different opinion or viewpoint from another person or group.