Economic Theories and Models Assessment

What is the primary focus of the video tutorial?

• Rostow's Stages of Economic Growth

• Wallerstein's World System Theory

• All of the above

• Dependency Theory

In Rostow's model, what characterizes the 'Traditional Society' stage?

• Global trade specialization

• Rapid industrialization

• Subsistence economy with primary sector jobs

• High mass consumption

During which stage in Rostow's model does rapid economic growth and urbanization occur?

• Takeoff

• High mass consumption

• Drive to maturity

• Preconditions for takeoff

What is a major criticism of Rostow's model?

• It does not account for political and social factors

• It includes non-governmental organizations

• It considers the impact of colonialism

• It accounts for environmental limitations

What does the Dependency Theory suggest about less developed countries?

• They can easily follow the same development path as developed countries

• They benefit equally from global trade

• Their development is hindered by reliance on developed countries

• They are independent of global economic influences

According to Wallerstein's World System Theory, which countries hold the dominant power in the global economy?

• Periphery countries

• Semi-periphery countries

• All countries equally

• Core countries

What is a key feature of semi-periphery countries in Wallerstein's model?

• They are the least economically developed

• They control the global economy

• They are completely independent from core countries

• They have emerging economies and are more industrialized than periphery countries

What is a criticism of Wallerstein's World System Theory?

• It includes all economic sectors equally

• It accounts for microfinancing initiatives

• It considers the role of non-governmental organizations

• It fails to account for micro loans and self-reliance programs

What is a consequence of a country having a commodity dependence?

• Vulnerability to price changes in commodities

• Diversified economy

• Independence from global trade

• Stable economic growth

Which country is used as an example of commodity dependence in the video?

• Nigeria

• Venezuela

• Saudi Arabia

• Brazil