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Chapter 22: Q8RQ (page 456)

True or False. Some economists argue that the single best thing that IACs could do for DVCs in terms of economic growth is to eliminate trade barriers between IACs and DVCs.

Short Answer

Expert verified

The given statement is true.

Step by step solution

01

IACs ways of helping DVCs

IACs can assist in the development of DVCs in several ways, like providing them financial aid, direct aid, admitting migrant workers, and expanding trade.The increase in trade will help in the development of the nation. The removal of trade barriers will increase trade volume and elevate those nations by improving their national income.

02

Reason for the statement being true

Most of the DVCs are producers of raw materials, and hence they are dependent on foreign markets. If the trade barriers are high, they won鈥檛 be able to market their products, and the supply of finished goods will also be less. Lowering the trade barriers will encourage trade among countries and help in the economic growth of these DVCs by large capital flows.

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Most popular questions from this chapter

Question. True or False: A DVC that has little in the way of natural resources is destined to remain poor.

Question. Compare a hypothetical DVC with a hypothetical IAC. In the DVC, average per capita income is \(500 per year. In the IAC, average per capita income is \)40,000 per year. If both countries have a savings rate of 10 percent per year, the amount of savings per capita in the DVC will be _____ per person per year, while in the IAC, it will be _______ per person per year

a. \(50; \)4000

b. \(5; \)400

c. \(450; \)36,000

d. None of the above

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