Week 3 quiz

Select the positive economic statements

• Unemployment is rising

• The government should be more involved in the economy

• We should lower taxes to increase economic growth

• The government is an economic actor

An ___________ can be positive or negative and is an effect to a 3rd party that is not included in the cost of an item.

If you open a store that sells household goods, you are operating in which sector of the economy?

• primary

• secondary

• tertiary

• quarternary

The manufacturing sector continues to grow throughout all stages of economic development.

• Not sure

• True

• False

• I give up

From our weekly readings, what does MVA stand for?

How many stages are there in Rostow's original take off model?

Manufacturing is generally considered which sector of the economy?

• Primary

• Secondary

• Tertiary

• Quarternary

The _______ mechanism is how a free market mediates between competing interests in a market economy

Ken _________ described the 'impossibility theorem' that shows how it is impossible to transform individual preferences to social preferences and please everyone.

• Tucky Fried Chicken

• Akerlof

• Arrow

• Rogers

How many phases are there in Akamatsu's catch-up development?