Answer the following statements true (T) or false (F)
1. In the period 1960 to 2010, the U.S. experienced a more rapid annual growth in real GDP per
capita than countries like Ireland, Singapore, and South Korea.
2. One important growth-promoting institutional structure is the protection of domestic jobs
against outsourcing.
3. An increase in the quantity and quality of natural resources is an example of a demand factor
of economic growth.
4. The supply factors of economic growth are those factors that shift a country's production
possibilities curve.
5. The ability to expand production is sufficient for a nation to achieve maximum possible
growth.
1. FALSE
2. FALSE
3. FALSE
4. TRUE
5. FALSE
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If the cross-price elasticity of demand between beer and wine is 0.31, then beer and wine are
A) substitutes. B) complements. C) price-inelastic goods. D) necessities.
The claim that lower environmental standards in foreign countries reduce industrial competitiveness for high standard countries is on firm theoretical ground because
A) higher environmental standards requirements raise the cost of production to a firm or industry abiding by the rules. B) there will be a race-to-the-bottom competition on environmental standards. C) the interests of firms that are subject to the high standards coincide with the nation's interests, one-for-one. D) environmental standards in most countries have gotten more lax over time.
If nominal GDP is $10 trillion, and velocity is 10, the money supply is
A) $1 trillion. B) $5 trillion. C) $10 trillion. D) $100 trillion.
Endogenous growth theory is about
A) welfare of indigenous people. B) explaining growth. C) studying education. D) studying fertility choices.