On the basis of theory and empirical evidence, economists have reached several conclusions about economic growth. Which of the following is not one of these conclusions?
a. A relatively simple way to increase growth rates permanently is to increase a country's saving rate.
b. Growth is generally inhibited rather than promoted by policies like protective tariffs.
c. Well-established property rights that are enforced by fair and efficient courts are important to economic growth.
d. Countries with few domestic natural resources still have opportunities for economic growth.
a
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If the price of a soda was 15 cents in 1970, when the CPI was 50, and 50 cents in 2007 when the CPI was 172, then the real price of
A) a soda has risen 567 percent. B) a soda has risen 350 percent. C) the 1970 soda in 2007 dollars is 52 cents. D) the 2007 soda in 1970 dollars is $3.44. E) the soda was 15 cents in 1970 and 50 cents in 2007.
Where marginal cost is less than average cost,
A. opportunity cost must have been excluded from the calculation of marginal cost. B. marginal cost must be falling. C. marginal cost must be rising. D. marginal cost may be rising, falling, or constant.
The Suffolk System
a. operated similarly to the modern Federal Deposit Insurance Corporation. b. led to lower discount rates on the notes of country banks in New England. c. was established by Nicholas Biddle. d. was used primarily prior to 1863 in Louisiana. e. All of the above.
Professor Tabarrok suggests that monetary policy is both an art and a science because of the complexity of answering all of the following questions EXCEPT:
A. how to use monetary policy tools. B. where to apply monetary policy tools. C. when to use monetary policy tools. D. which monetary policy tools to use.