Distinguish between the impact on a recipient LDC of foreign direct investment and foreign economic aid.
Answer to relevant QuestionsThe relationship between choice and scarcity is one of cause-and-effect. Which is cause? Which is effect? Explain. What defines an economic model? In what way is the circular flow model a simplification of reality? Why would economists want to simplify reality? Under what conditions would an automobile be a capital good? What about a violin? A tuxedo? Under what conditions would a truck not be a capital good? What is meant by vicious circle of poverty? Draw a graph to illustrate the concept. Describe the economic logic associated with the big-push development strategy. What are its pitfalls?
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