In the Long Run,small Differences in Economic Growth Rates Result

question 218

True/False

In the long run,small differences in economic growth rates result in small differences in living standards.

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Definitions:

Milpa

A traditional Mesoamerican agricultural system that involves the cultivation of maize, beans, squash, and other crops in a rotating cycle, promoting biodiversity and soil health.

Shifting cultivation

An agricultural practice in which plots of land are cultivated temporarily, then abandoned and allowed to revert to their natural vegetation while the cultivator moves on to another plot.

Swidden

A form of agriculture also known as slash-and-burn, where land is cleared by cutting and burning vegetation, then cultivated for several years and left fallow to regain fertility.

Bilateral Contract

A contract involving two parties where each side agrees to fulfill their side of the agreement.