Exam 17: Institutions, Policies, and Cross-Country Differences in Income and Growth

The adoption of modern technologies and business methods have the possibility to improve economic performance in a nation with low per capita income and low growth, but only if

During 1985-2013, on average, low-income less developed countries

Which of the following most accurately states the importance of technology as a source of economic growth for less-developed countries?

What is the Economic Freedom of the World index designed to measure? What will determine whether the rating of a country will be high or low on this index?

(I)  Historically, countries with colonial settlers who planned on staying for long periods of time set up sound economic institutions. (II)  Countries with harsh environments not suitable for permanent settlements resulted in colonial settlers adopting weaker and less productive economic institutions before leaving.

Which of the following is true of modern technology?

If a country is going to achieve a high economic freedom rating, it must

During the past three decades, the economic freedom gap between the high-income developed countries and low-income less developed countries has _______  and the world poverty rate has ______. (Fill in the blanks)

Which of the following is true of political institutions?

The Economic Freedom of the World index is a measure of the consistency of a nation's institutions and policies with

During the 2000-2009 decade,

Which of the following calculates the cost of purchasing a specific bundle of goods and services in each country and uses this measure to convert the incomes of different countries to a common currency so they may be more accurately compared?

Private investment as a share of the economy tends to be higher in countries

In 1980, the world's extreme poverty rate was 50.9 percent. By 2013, this figure

Countries that have adopted liberal reforms and substantially increased their economic freedom rating in recent years