Critics of Modernization Suggest That Underdevelopment Is the Result of Neo-Colonialism

question 4

Multiple Choice

Critics of modernization suggest that underdevelopment is the result of neo-colonialism, and that poor countries today remain underdeveloped because the global economic system is structured to extract and transfer what to developed nations?

• A) culture
• B) people
• C) resources
• D) energy

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Definitions:

Marginal Product

The extra output generated from adding a single unit of a specific input, with all other inputs remaining unchanged.

Market Wage

Market wage is the prevailing rate of pay for a specific job in the labor market, determined by the supply and demand for labor specific to that job.

Labor Curve

A graphical representation of the relationship between the quantity of labor demanded by employers and the wage rate.

VMPL

The Value of Marginal Product of Labor, which represents the additional revenue generated by employing one more unit of labor.