The Main Reason South Korea Has Grown So Rapidly Is

question 154

Multiple Choice

The main reason South Korea has grown so rapidly is that, because it was so poor:

• A) it could take advantage of international financial aid for poor countries.
• B) people left to go to more prosperous countries.
• C) it could skip forward, or leapfrog, to use new-generation technology as it developed.
• D) it could import highly trained engineers from other countries.

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Definitions:

Resource Allocation

The process of assigning and distributing available resources to various uses in an economy, often in order to maximize efficiency or achieve a desired outcome.

Production Possibilities Curve

A graph that shows the maximum number of possible units a company can produce if it only produces two types of goods given a fixed amount of resources.

Marginal Costs

The extra financial burden of manufacturing another unit of a product or service.

Marginal Benefits

The improvement in benefit or utility realized by consuming or producing one more unit of a good or service.