The concept of economic pessimism stems from
A) the theory and empirical fact which states that developing nations face declining export prices relative to increasing import prices.
B) the fact that economic growth in an era of globalization is difficult to attain.
C) the fact that smaller countries would not enjoy comparative advantage unless they are allowed to subsidize some of their industries.
D) the fact that it is impossible to achieve desired economic development without adopting full democratic principles.
Question 2
The difference between GNP and GDP is
A) GNP includes income received from abroad and excludes income paid abroad.
B) GNP excludes income received from abroad and includes income paid abroad.
C) GNP includes exports and imports.
D) GNP excludes exports and imports.
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