eQuizShow

Developing Countries

Vocabulary

Question: Countries whose average per capita GNP is a fraction of more industrialized countries
Answer: Less-Developed Countries

Question: Initial stage of economic development during which the Economy is unchanging
Answer: Primitive Equilibrium

Question: A group of producers or sellers who agree to limit the production or sale of a product to control prices
Answer: Cartel

Question: Legal or illegal export of currency and foreign exchange
Answer: Capital Flight

Question: An agreement by which two or more countries abolish trade restrictions.
Answer: Customs Union

Stages of Economic Development

Question: What is the highest stage of economic development?
Answer: Highly Developed Country

Question: In a semi-developed country, the ____ grows faster than the ____.
Answer: income, population

Question: Name 1 of the 3 reasons for economic growth during takeoff
Answer: more efficient, new techniques, help from other nations

Question: In what stage is economic decision making directed by culture and tradition?
Answer: Primitive Equilibrium

Question: Name the stages of economic development, in order.
Answer: Less Developed Country, Primitive Equilibrium, Takeoff, Semi-Developed Country, Highly Developed Country 

Less Developed Countries

Question: The gap between developed and less developed countries is getting ____. (smaller or larger)
Answer: Larger

Question: What do developed and less developed countries have in common?
Answer: 3 economic problems

Question: Name 1 of the 3 economic problems every country has 
Answer: Scarcity, Supply/Demand, How/What/Whom?

Question: Who helps countries that are less developed?
Answer: Developed Countries

Question: Why is the gap between developed and less developed countries getting larger?
Answer: negative growth, small output

Financing Economic Development

Question: To generate savings, a country must _____ more than it _____.


Answer: produce, cosumes

Question: Name an example of an international agency that provides loans to developing countries.
Answer: the World Bank, also called the International Bank for Reconstruction and Development

Question: Taking over of foreign property of without some sort of payment in return is ______.
Answer: Expropriation 

Question: Name 2 of the 3 ways developing countries can join together to deal with the problem of economic development.
Answer: customs union, free-trade area, cartels

Question: How would a developing country attract private investors?
Answer: interest in the country's natural resources

Obstacles to Economic Development

Question: Developing countries population growth is ___ as high as developed countries.
Answer: twice, 2x

Question: The major problem of developing nations is _____.
Answer: external debt

Question: Customs and traditions can prevent ____ in a society.
Answer: change

Question: Name an example of a type of natural resource produced in less developed countries.
Answer: cotton, coffee, tea, tobacco, oil, etc...

Question: Why do less developed countries lack a literate population or technically skilled workers?
Answer: no free education, children must work