A More Recent Development Strategy Is Called Structural Adjustment

question 42

Multiple Choice

A more recent development strategy is called structural adjustment. This refers to

• A) the strengthening of the financial basis of a country's economy.
• B) economic structuralist's attempt to break from dependency.
• C) a state socialist approach to economic development.
• D) a greater focus on food, shelter, and health care.

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Definitions:

Opportunity Cost

Opportunity cost represents the value of the best alternative that is foregone when making a choice, highlighting the trade-offs involved in any decision.

Loads of Laundry

Quantity of laundry being washed and dried in a single operation or cycle.

Opportunity Cost

The cost of forgoing the next best alternative when a choice is made, representing the benefits one misses out on.

Comparative Advantage

The ability of an individual or entity to produce a good or service at a lower opportunity cost than others.