The pattern of economic growth describes the phenomenon of countries moving up in technological development by following the patterns of countries ahead of them in the development process ?
Correct answer: A. flying geese
- A. flying geese
- B. import substitution
- C. export orientation
- D. commodity expansion
Explanation
The flying-geese pattern describes later-developing countries following the industrial and technological path previously taken by more advanced countries. The image is of successive countries moving upward in formation, like flying geese.
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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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