Developing open economy is experiencing an economic boom

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Almora a developing open economy is experiencing an economic boom since it discovered oil reserves off its coast two years ago. Bill Hudson, an economist with the finance Ministry of Almora, said in an interview that the oil boomhas improved the average standard of living in the economy. Robin Peters is an industry analyst who does not agree with Hudson's view. In one of his recent articles in the country's leading business daily, Robin claimed that the high rate of inflation following the boom has actually weakened the expansionary impact on the economy. Which of the following, if true will support Bill's argument? A. The manufacturing sector in Almora accounts for only 8% of its GDP. B. there has hardly been any change in the average income level of low-income groups in the past five years. C. the government increased its budget allocation toward unemployment benefits this year. D. the diversity of population is very low in Almora.

Reference no: EM131096787

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