According to Modernization Theory,the Greatest Barrier to Economic Development Is

question 5

Multiple Choice

According to modernization theory,the greatest barrier to economic development is

• A)technology.
• B)multinational corporations.
• C)capitalism.
• D)traditional culture.

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Definitions:

Matching Contribution

A contribution to a retirement plan, for instance, where an employer matches the employee's contribution up to a certain percentage.

Financial Well-Being

A state of being wherein an individual or family has control over their finances, can absorb a financial shock, is on track to meet financial goals, and has financial freedom to make choices that allow them to enjoy life.

Prospect Theory

Prospect Theory is a behavioral economic theory that describes the way people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are unknown.

Status Quo Bias

The tendency most people have when making choices to select any option that is presented as the default (status quo) option. Explainable by prospect theory and loss aversion.