Asked by Milya Griffin on Jun 23, 2024

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Most economists agree that government efforts in economic development must be

A) employed to substitute for private efforts.
B) designed to support private efforts.
C) the sole driver of economic development.
D) kept at a minimum because we can always rely on markets.

Economic Development

The process by which a nation improves the economic, political, and social well-being of its people, often characterized by industrialization, increase in GDP, and improvement in quality of life.

Government Efforts

Initiatives or actions taken by a government to address societal issues, regulations, or economic policies.

Private Efforts

Actions undertaken by individuals or private organizations rather than by the government or public entities to achieve a particular goal.

  • Explain the role of government efforts in supporting economic development and private efforts in developing countries.
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MM
Miselo MhlongoJun 27, 2024
Final Answer :
B
Explanation :
Most economists agree that government efforts in economic development should be designed to support private efforts. This means that the government should not replace or crowd out private investment, but rather provide the necessary infrastructure, regulations, incentives, and public goods that facilitate private sector development. In this way, the government can create an environment that fosters innovation, competition, and productivity, which are essential for sustainable economic growth.