Which of the following can explain why some countries have not experienced relatively high growth rates in real GDP per capita despite relatively low initial levels of real GDP per capita?
A) Countries that are relatively poor are more likely to experience wars and revolutions.
B) Countries that are relatively poor are likely to have a lower quality of health care.
C) Many of these developing countries do not have a functioning court system that can enforce laws.
D) all of the above
D
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The market demand for labor is
A. steeper than the horizontal summation of the individual demand curves. B. as steep as the horizontal summation of the individual demand curves. C. less steep than the individual demand curves. D. less steep than the horizontal summation of the individual demand curves.
The Lucas supply function, in combination with the assumption that expectations are rational, implies that an announced monetary policy change will
A. not change output. B. increase output, but never decrease output. C. decrease output, but never increase output. D. either increase or decrease output, depending on the type of monetary policy change.
A consequence of a publicly owned natural monopoly is:
A. reduced chance to remain open longer than political terms of office. B. an increase in the motivation to improve efficiency. C. the loss of the profit motive. D. increased public pressure to reduce costs.
If the MPC is .6, the multiplier is
A. .4. B. .6. C. 1. D. 2.5.