The "Washington Consensus" Outlined What Developing Countries Needed to Do

question 84

Multiple Choice

The "Washington Consensus" outlined what developing countries needed to do in order to succeed in terms of growth and development. This included:

• A) balance government budgets and keep inflation as low as possible
• B) privatize all state enterprises, assets, and public services
• C) deregulate all aspects of the economy such as contracting, labour, finance, and banking
• D) liberalize international trade
• E) All of the above

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Definitions:

Internal Validity

The extent to which a study can prove that a cause-and-effect relationship exists between the tested variables, excluding the influence of external factors.

Nonmonotonic Relationship

A relationship between two variables where the direction of the effect changes over the range of the variable, meaning it can increase then decrease, or vice-versa.

Independent Variables

The factors that are manipulated or varied by researchers in an experiment to determine their effect on the dependent variable.

Dependent Variable

In experimental research, the variable that is being tested and measured, expected to change as a result of manipulations to the independent variable.