Consider Figure 14.7, which shows the relationship between cultural modernization and income per capita. In which case
Question:
Consider Figure 14.7, which shows the relationship between cultural modernization and income per capita. In which case will the
“modernization multiplier” be larger: when the M(Y) curve is flat, or when it is steep, although less steep than the Y(M)curve? What is the economic interpretation of the slope of the M(Y)
curve?
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