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Question

If a single economy has industries at very different levels of development, then that economy

a. is strongly inward-oriented. b. has uneven terms of trade. c. is a dual economy. d. is moderately inward-oriented. e. is strongly outward-oriented.

Developing countries tend to favor inward-oriented strategies when they believe that

a. the value of foreign goods in relation to domestic products is rising. b. domestic productivity is superior to foreign productivity. c. lower import prices will reduce the volume of trade. d. there are no foreign suppliers of domestic products. e. trade restrictions will reduce domestic terms of trade.

An inefficient manufacturing base is likely to result when

a. producers compete solely on the basis of low cost. b. only those goods are produced in which the domestic economy has a comparative advantage. c. competitive foreign imports are restricted. d. the economy produces only those goods in which it has technical expertise. e. a

Answer 1

Dual Economy diffent stages of develop means caterin to differen markets often (purpose) and dual economy is defined as co-existance of induzstries at diff stages of develop, to be distinguished from terms of trade....................