In What Has Come to Be Called the East Asian

question 31

Multiple Choice

In what has come to be called the East Asian model of development,economic development is conceptualized as a series of distinct stages.In the third stage,

• A) industrial policy promotes labor-intensive light industry.
• B) industrial policy promotes capital-intensive heavy industry.
• C) industrial policy promotes high tech consumer durables and industrial machinery.
• D) industrial policy promotes labor-intensive heavy industry.
• E) industrial policy acquires high technology imports and foreign capital.

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Definitions:

Welfare Loss

A decrease in economic efficiency that occurs when there is an optimal allocation of resources that is not achieved due to various reasons such as externalities or market failure.

Hierarchy of Needs

A psychological theory proposed by Abraham Maslow that categorizes human needs into a five-level model, ranging from basic physiological needs to self-actualization.

ERG Theory

A motivational theory developed by Clayton Alderfer that categorizes human needs into three groups: Existence, Relatedness, and Growth.

Two-Factor Theory

A psychological theory proposed by Herzberg that suggests there are two sets of factors affecting people's work motivation and satisfaction: hygiene factors and motivators.