1-The BEST way for an economy to grow is to: Select one: a. seek more foreign ai

Question

1-The BEST way for an economy to grow is to:

Select one:

a. seek more foreign aid for the economy.

b. increase the government's intervention in the economy.

c. change the country's institutions.

d. establish policies promoting communal property.

2-Good institutions:

Select one:

a. reward those who create value and increase efficiency with higher profits.

b. distribute wealth evenly across the economy.

c. result in growth rates approximately equal to those in countries with poor institutions.

d. matter only if the country has a large amount of both physical and human capital.

3-Which is NOT an important institution for growth?

Select one:

a. a low level of corruption

b. a dependable legal system

c. free markets

d. strong regulation of religious belief

4-If the average annual growth rate of a country increases from 2% to 3%, how much faster will its GDP double?

Select one:

a. 10 years faster

b. 11 2/3 years faster

c. 17 years faster

d. 25 years faster

5-Two countries that may be considered examples of growth miracles are:

Select one:

a. Mexico and China.

b. the United States and Spain.

c. Denmark and Luxembourg.

d. South Korea and Japan.

6-The most promising idea for creating a growth miracle in a country is:

Select one:

a. building more schools in the country.

b. opening the country to more foreign investment.

c. changing the institutions in the country.

d. allowing more foreign aid in the country.

Explanation / Answer

1. The BEST way for an economy to grow is to establish policies promoting communal property. So the correct option is D.

2. Good institutions distribute wealth evenly across the economy. So the correct option is B.

3. Strong regulation of religious belief is NOT an important institution for growth. So the correct option is D.

4. If the average annual growth rate of a country increases from 2% to 3%, then by 11 2/3 years faster will its GDP double. So the correct option is B.

5. Two countries that may be considered examples of growth miracles are South Korea and Japan. So the correct option is D.

6. The most promising idea for creating a growth miracle in a country is opening the country to more foreign investment. So the correct option is B.

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