Exam 7: The Wealth of Nations and Economic Growth

Examples of human capital are tractors,factories,and shovels.

The United States is among the world's ten least-corrupt countries.

Which of the following defines the "rules of the game" that structure economic incentives?

Property rights encourage:

The key to producing and organizing factors of production to increase economic growth is having institutions that create the proper incentives.

Why does South Korea have a higher level of real GDP per capita than North Korea?

Living standards across countries are more equal today than at any time in history.

Which statement best describes the economic growth patterns in the world since World War II?

Based on your understanding of the causes of the wealth of nations,discuss three reasons why you think countries fail to grow.

If real GDP per capita in a country was $14,000 in year 1 and $14,560 in year 2,then the economic growth rate for this country from year 1 to year 2 was:

Which is NOT an important institution for growth?

Due to economies of scale,average costs decline as:

Workers' ability to use various tools is known as _____.

For most of recorded human history,real GDP per capita has:

The productive knowledge and skills that workers acquire through education,training,and experience is called:

Wealthier nations tend to have:

Good institutions must include the enforcement of property rights.

Today,most of the world's people have a relatively high standard of living.

One difference between technological knowledge and human capital is that technological knowledge is discovering new ideas about how the world works,while human capital is knowing how to use the tools that come from those discoveries.

For most of recorded human history,there has been a steady,sustained growth in real GDP per capita.