quiz26 - 2(50 Explain one of the reasons why the US has had...

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AGEC 217 Quiz 26 11/23/09 1. (50) Trace the history of economic growth including an explanation for the changes in amount of growth. (10) There was no growth from 300 AD until 1830 (There was no investment) (15) From 1830 to 1970 there was huge investment and fast growth (10) From 1970 to the present the growth rate fell almost in half (10) because we reduced our emphasis on investment. (5) Instead we put our resources into income leveling.
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Unformatted text preview: 2. (50) Explain one of the reasons why the US has had so much economic growth. Natural resources—We have a wide variety of natural resources, especially good farm land. Climate—Our climate forces us to plan ahead (for winter) and planning ahead is a key to growth. Land use—The Homestead Act encouraged farmers to own their own land because they will treat what they own better than they will land owned by someone else....
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