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Practice mode Characteristics and Institutions of Developing Countries

What is economic rent?

Correct answer C. Is the payment above the minimum essential to attract the resources to the market

Explanation

Economic rent is any payment to a factor of production above its transfer earnings, the minimum needed to attract it into its current use.

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Question 01 Characteristics and Institutions of Developing Countries

The informal sector includes which of the following: I. artisans, cottage industrialists, petty traders; II. garbage pickers, unauthorised taxis, repair persons; III. the self-employed; IV. activities with little capital, skill or entry barriers?

Correct answer C. All of I, II, III and IV

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Question 03 Characteristics and Institutions of Developing Countries

What is a country’s export commodity concentration ratio?

Correct answer B. Ratio of four leading commodities to total merchandise exports

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Question 04 Characteristics and Institutions of Developing Countries

Under what condition does real GNP per capita rise?

Correct answer D. The rate of growth in real GNP is greater than the rate of growth in the population

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