The most important reason why economies at an early stage of development tend to operate inefficiently is that
A) they tend to be dominated by the agricultural sector, where productivity is usually low.
B) they tend to have authoritarian governments that stifle innovation.
C) they tend to be plagued by superstitious beliefs that stifle innovation.
D) they tend not to have specialization of labor.
Correct Answer:
Verified
Q1: By "specialization" economists mean a situation where
A)individuals
Q2: Barter is
A)another name for money.
B)an exchange of
Q3: Under a barter system
A)each good has many
Q4: How many prices would there be in
Q5: When an economy relies on specialization,
A)the economy
Q7: The most important economic benefit from specialization
Q8: Fundamentally, to reap the benefits of specialization,
Q9: Movements in the money supply are associated
Q10: Which of the following is an example
Q11: The collapse of economic systems in Eastern
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