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4) The neoclassical counter-revolution school supports

1. Trade restrictions.
2. State-owned enterprises.
3. Elimination of government regulations.
4. Limitations on foreign investors.

5) If we calculate GNI per capita (US$) in both developed and developing countries by using exchange rate and PPP as conversion methods and compare the income gaps between developed and developing nations, which of the following statement is correct?

1. If we use PPP as conversion method, income gaps between developed and developing nations tend to be larger.
2. If we use exchange rate as conversion method, income gaps between developed and developing nations tend to be less.
3. If we use PPP as conversion method, income gaps between developed and developing nations tend to be less.
4. None of the above is correct.

8) According to Lewis two-sector model, the speed of expansion in modern (industrial) sector is NOT determined by

1. Growth rate of industrial investment
2. Capital accumulation in the industrial sector
3. Full profit reinvestment in industrial sector
4. Use of new advanced technology in industrial sector

9) If the real GNI per capita of Country A is USD 4,960, how will the World Bank classify this country?

A. Low-income country.

B. Low-middle-income country.

C. Upper-middle income country.

D. High-income country.

10) According to Rostows growth model, the developing countries had to follow which of the following rule in order to accelerate economic growth?

1. Accumulation of well-trained and educated workforce.
2. Abundant surplus labour.
3. Mobilisation of domestic and foreign saving (including foreign aid).
4. Undergo fundamental institutional reform.