Name at least four institutional structures that promote and sustain modern economic growth. What other factors also influence a nation’s capacity for economic growth?
What will be an ideal response?
Economic historians have identified six institutional structures that promote and sustain modern economic growth. These institutions include: strong property rights; patents and copyrights; efficient financial institutions; literacy and widespread education; free trade; and, a competitive market system. Other factors that have been found to influence economic growth include a country’s social-cultural-political environment, a positive attitude towards work and risk-taking, and the virtual lack of moral and social taboos on production and material progress.
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Bert faces a progressive tax structure that has the following marginal tax rates: 0 percent on the first $10,000 . 10 percent on the next $10,000 . 15 percent on the next $10,000 . 25 percent on the next $10,000 . and 50 percent on all additional income. If Bert earns $75,000 . what is his average tax rate?
a. 20 percent b. 25 percent c. 30 percent d. 36.67 percent
When it comes to figuring out who wants to be an organ donor, the answer depends on:
A. the default rule. B. whether presumed consent exists in the organ donation program. C. how you ask the question. D. All of these statements are true.
The buying and selling of foreign currency by the central bank is a trade policy whose objective is:
A. reducing purchases of assets abroad. B. stabilizing the exchange rate against external shocks. C. stabilizing the interest rate against foreign capital outflows. D. promoting long term economic growth.
An individual holds $10,000 in a checking account and the price level rises significantly. Hence
A) the individual's real wealth and consumption expenditure decrease. B) the individual's real wealth decreases but real national wealth increases. C) there is no change in the individual's real wealth. D) the individual's real wealth increases.