Answer the following statements true (T) or false (F)
1) Strong economic growth since 1960 has allowed nations like Singapore and Ireland to surpass nations such as the United Kingdom and France in real GDP per capita.
2) Strong property rights inhibit economic growth by strictly regulating economic behavior.
3) Strong patent laws encourage innovation and promote economic growth.
4) The intense competition of free trade prevents the investment that generates economic
growth.
5) A competitive market system promotes growth by providing producers with market signals on
which to base investment and production decisions.
1) T
2) F
3) T
4) F
5) T
You might also like to view...
For a competitive buyer, the marginal expenditure per unit of an input
A) exceeds the average expenditure per unit. B) is less than the average expenditure per unit. C) equals the average expenditure per unit. D) any of the above could be true.
Unemployment is a:
A. leading indicator, because the business cycle follows it. B. lagging indicator, because the business cycle follows it. C. leading indicator, because it follows the business cycle. D. lagging indicator, because it follows the business cycle.
The cartel model of oligopoly assumes that firms jointly behave as a monopolist in order to maximize joint profits.
Answer the following statement true (T) or false (F)
What is meant by economist Paul Romer’s statement that “Economic growth springs from better recipes, not just from more cooking”? Better recipes ______.
a. are the result of better education and training b. lead to innovation and permanent change c. provide quality rather than quantity d. require assistance and collaboration