ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a GDP of $10, 000 per year
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a population which has on average 5 years of education
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at most a literacy rate of 65%
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a GDP exceeding $30, 000 per year
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Detailed explanation-1: -How are more and less developed countries different? [More developed countries (MDCs) have advanced socially and economically, whereas less developed countries (LDCs) are in the early stages of development.]
Detailed explanation-2: -In MDCs, the literacy rate is usually around 98 percent, whereas in LDCs the literacy rate is around 60 percent. It impact of this is that books are written for people in MDCs and scientific advances tend to occur in these countries.
Detailed explanation-3: -What are the characteristics of less developed countries? There are several characteristics that define most LDCs. The most common include high population growth rate, low GDP per capita, and high poverty rates. These features lead to poor economic development.
Detailed explanation-4: -Inadequate technology & capital. Low saving rates. Dual economy. Varying dependence on international trade. Rapid population growth (1.6% to DCs’ 0.1% yearly) Low literacy & school enrollment rates. Unskilled labor force. Poorly developed institutions.