1. How important are improvements in the productivity of the agricultural sector relative to efforts to increase productivity in industry? Can a country become developed without an industrial and agricultural revolution in the economic sense of the term?
Cypher, Chapter 11, Agriculture and Development)
2. Carefully define external debt. How is it different from the internal debt of an economy? Why do countries incur external debt? For what purposes can the accumulation of external debt be justified?
(Cypher, Chapter 16, The Debt Problem)
Please answer two questions 4 pages each. All the materials are attached.
Cypher, J. The Process of Economic Development. New York: Routledge, 2014