The Orthodox and Alternative Evaluations of the Causes of Poverty

question 70

Multiple Choice

The orthodox and alternative evaluations of the causes of poverty are based on _______ and they are _______.

• A) IMF planning documents; therefore, based on sound statistical evidence
• B) Marxist thinking; outmoded with the end of the Cold War
• C) GATT data sets; in need of revision by UNCTAD and the G-77
• D) different values; measuring different things

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Definitions:

Marginal Product

The additional output resulting from the use of one more unit of a particular input, holding other inputs constant.

Total Product

The total output produced by a firm or within an economy.

Average Product

The output per unit of input, such as the quantity of goods produced per worker.

Law Of Diminishing Returns

The principle that as successive increments of a variable resource are added to a fixed resource, the marginal product of the variable resource will eventually decrease.