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Author Question: An economically backward nation has the best chance of enjoying relatively high rates of economic ... (Read 21 times)

james

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on: Jun 29, 2018
An economically backward nation has the best chance of enjoying relatively high rates of economic growth if it
 
  A) turns toward central economic planning.
  B) adopts advanced technologies.
  C) raises its minimum wages and government pension programs.
  D) limits imports as much as possible.

Question 2

Why do individuals decide to herd?
 
  What will be an ideal response?


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cassie_ragen

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

In general, there are two reasons why individuals may decide to herd. The first might simply be that they are afraid of being wrongfor this reason, they might not value their own instincts highly. Another reason is the assumption that if many people are making the same decision, they must be doing so for a reason. Herding creates an informational equilibrium in which people trust the wisdom of others and ignore their own information.


james

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Reply #2 on: Jun 29, 2018
Thank you


cassie_ragen

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Reply #3 on: Jun 29, 2018
No problemo


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