One criticism of Rostow's theory of economic growth is that ?
Correct answer: D. All of the above are correct
- A. much available data contradicts his thesis about the takeoff stage
- B. there is no explanation of why growth occurs after takeoff
- C. his hypothesis of the stages of growth is difficult to test empirically
- D. All of the above are correct
Explanation
Rostow's theory has been criticized because the takeoff concept is difficult to verify empirically, historical evidence does not consistently support it, and the model gives an incomplete account of subsequent growth. Thus all three criticisms can be accepted.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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