Whether as extreme poverty declines, growth by itself tends to be less successful at lifting additional people out of poverty.

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Answer 1

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 21, Problem 1.1P

To determine

Whether as extreme poverty declines, growth by itself tends to be less successful at lifting additional people out of poverty.

Expert Solution & Answer

Explanation of Solution

The assessment seems to be accurate because this is what seems to be happening in the developing and underdeveloped countries in the world. The underdeveloped as well as the developing countries that are commonly known as the third-world countries are trying to increase economic growth and poverty. They do this through diverting more and more economic resources of the economy toward the alleviation of the poverty and the acceleration of the economic growth.

The idea was very successful in its initial stages, but after a certain level, the additional impact by the economic resources to reduce poverty and increase economic growth started to decline. This is because the impact was not equal to the initial stage impacts. This means that the opportunity cost of the additional resources used for this purpose started to decline in the period. Thus, the assessment seems to be correct.

Economics Concept Introduction

Poverty: Poverty is the lack of a certain minimum amount of money that is required to live a healthy life by an individual.

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In this chapter Wheelan also discusses the role of developed economies in alleviating (reducing) poverty in less developed economies. To this purpose, he draws from works of development economists such as William Easterly, Jeffrey Sachs, and others. Of the statements listed below which would Wheelan and the other quoted authors NOT AGREE to be effective or well-directed economic development strategies to alleviate global poverty? Group of answer choices Most of the difference between the huge success of East Asia and the relatively poor performance of South Asia, sub-Saharan Africa, and Latin America can be explained by the differences in their government policies. Traditional aid projects to the less developed economies have been inflexible and ineffective. Impoverished nations are caught in a poverty trap, and only capital from developed nations will rescue them. The primary stumbling block to development in poor countries has been the bad advice they received from the rich…

At the beginning of the year, one developing country (DVC) has a real income per capita of $1,000. In a developed country (IAC), the real income per capita is $30,000. Both countries experience a 4 percent growth rate for the year. At the end of the year, the absolute income gap between these two countries will have increased from $29,000 to $30,160. $31,200. $30,120. $32,240.

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Answer 2

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 21, Problem 1.1P

To determine

Whether as extreme poverty declines, growth by itself tends to be less successful at lifting additional people out of poverty.

Expert Solution & Answer

Explanation of Solution

The assessment seems to be accurate because this is what seems to be happening in the developing and underdeveloped countries in the world. The underdeveloped as well as the developing countries that are commonly known as the third-world countries are trying to increase economic growth and poverty. They do this through diverting more and more economic resources of the economy toward the alleviation of the poverty and the acceleration of the economic growth.

The idea was very successful in its initial stages, but after a certain level, the additional impact by the economic resources to reduce poverty and increase economic growth started to decline. This is because the impact was not equal to the initial stage impacts. This means that the opportunity cost of the additional resources used for this purpose started to decline in the period. Thus, the assessment seems to be correct.

Economics Concept Introduction

Poverty: Poverty is the lack of a certain minimum amount of money that is required to live a healthy life by an individual.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 21, Problem 1.1P

To determine

Whether as extreme poverty declines, growth by itself tends to be less successful at lifting additional people out of poverty.

Expert Solution & Answer

Explanation of Solution

The assessment seems to be accurate because this is what seems to be happening in the developing and underdeveloped countries in the world. The underdeveloped as well as the developing countries that are commonly known as the third-world countries are trying to increase economic growth and poverty. They do this through diverting more and more economic resources of the economy toward the alleviation of the poverty and the acceleration of the economic growth.

The idea was very successful in its initial stages, but after a certain level, the additional impact by the economic resources to reduce poverty and increase economic growth started to decline. This is because the impact was not equal to the initial stage impacts. This means that the opportunity cost of the additional resources used for this purpose started to decline in the period. Thus, the assessment seems to be correct.

Economics Concept Introduction

Poverty: Poverty is the lack of a certain minimum amount of money that is required to live a healthy life by an individual.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 21, Problem 1.1P

To determine

Whether as extreme poverty declines, growth by itself tends to be less successful at lifting additional people out of poverty.

Expert Solution & Answer

Explanation of Solution

The assessment seems to be accurate because this is what seems to be happening in the developing and underdeveloped countries in the world. The underdeveloped as well as the developing countries that are commonly known as the third-world countries are trying to increase economic growth and poverty. They do this through diverting more and more economic resources of the economy toward the alleviation of the poverty and the acceleration of the economic growth.

The idea was very successful in its initial stages, but after a certain level, the additional impact by the economic resources to reduce poverty and increase economic growth started to decline. This is because the impact was not equal to the initial stage impacts. This means that the opportunity cost of the additional resources used for this purpose started to decline in the period. Thus, the assessment seems to be correct.

Economics Concept Introduction

Poverty: Poverty is the lack of a certain minimum amount of money that is required to live a healthy life by an individual.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 21, Problem 1.1P

To determine

Whether as extreme poverty declines, growth by itself tends to be less successful at lifting additional people out of poverty.

Expert Solution & Answer

Explanation of Solution

The assessment seems to be accurate because this is what seems to be happening in the developing and underdeveloped countries in the world. The underdeveloped as well as the developing countries that are commonly known as the third-world countries are trying to increase economic growth and poverty. They do this through diverting more and more economic resources of the economy toward the alleviation of the poverty and the acceleration of the economic growth.

The idea was very successful in its initial stages, but after a certain level, the additional impact by the economic resources to reduce poverty and increase economic growth started to decline. This is because the impact was not equal to the initial stage impacts. This means that the opportunity cost of the additional resources used for this purpose started to decline in the period. Thus, the assessment seems to be correct.

Economics Concept Introduction

Poverty: Poverty is the lack of a certain minimum amount of money that is required to live a healthy life by an individual.

Answer 6

Chapter 21, Problem 1.1P

To determine

Whether as extreme poverty declines, growth by itself tends to be less successful at lifting additional people out of poverty.

Expert Solution & Answer

Explanation of Solution

The assessment seems to be accurate because this is what seems to be happening in the developing and underdeveloped countries in the world. The underdeveloped as well as the developing countries that are commonly known as the third-world countries are trying to increase economic growth and poverty. They do this through diverting more and more economic resources of the economy toward the alleviation of the poverty and the acceleration of the economic growth.

The idea was very successful in its initial stages, but after a certain level, the additional impact by the economic resources to reduce poverty and increase economic growth started to decline. This is because the impact was not equal to the initial stage impacts. This means that the opportunity cost of the additional resources used for this purpose started to decline in the period. Thus, the assessment seems to be correct.

Economics Concept Introduction

Poverty: Poverty is the lack of a certain minimum amount of money that is required to live a healthy life by an individual.

Answer 7

Chapter 21, Problem 1.1P

To determine

Whether as extreme poverty declines, growth by itself tends to be less successful at lifting additional people out of poverty.

Answer 8

Expert Solution & Answer

Explanation of Solution

The assessment seems to be accurate because this is what seems to be happening in the developing and underdeveloped countries in the world. The underdeveloped as well as the developing countries that are commonly known as the third-world countries are trying to increase economic growth and poverty. They do this through diverting more and more economic resources of the economy toward the alleviation of the poverty and the acceleration of the economic growth.

The idea was very successful in its initial stages, but after a certain level, the additional impact by the economic resources to reduce poverty and increase economic growth started to decline. This is because the impact was not equal to the initial stage impacts. This means that the opportunity cost of the additional resources used for this purpose started to decline in the period. Thus, the assessment seems to be correct.