PDF-Ch 16 & 17

PDF-Ch 16 & 17 - (I) Countries with less economic...

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1 (I) Countries with less economic freedom during the 1980s and 1990s had a lower average per capita GDP . (II) Countries with more economic freedom during the 1980s and 1990s achieved higher rates of economic growth . 1 Both I and II are true 1. Both I and II are true. 2. Both I and II are false. 3. I is true; II is false. 4. I is false; II is true. Which of the following is true? 1. 1. Nations achieve high rates of economic growth Nations achieve high rates of economic growth primarily because of their natural resource endowments. 2. 2. Human and physical capital investments are the Human and physical capital investments are the most important factors that determine economic growth growth. 3. 3. Poor nations grow slowly because they do not have Poor nations grow slowly because they do not have access to modern technology. 4. 4. A favorable institutional environment will tend to A favorable institutional environment will tend to attract more investment in human and physical capital, increasing economic growth potential. France is experiencing massive social unrest as laborers all over the country strike in protest of a proposed increase in the mandatory retirement age from 60 to 62. Recently, tankers delivering petroleum were halted and unable to proceed to gas stations needing replenishment of depleted gasoline reserves. As a result, anything that depends on gasoline in the production process is being disrupted The gasoline in the production process is being disrupted. The FAA of France recently announced that planes flying in should expect difficulties refueling. Lady Gaga recently cancelled two concerts citing the gas shortages as the reason. As a result, what would you expect to happen to the market P & Q of EVERYTHING in France? • Since the 1920s, more people live in cities Since the 1920s, more people live in cities than in rural areas…there is now a stigma of gun ownership…(in 1950s nearly every HS in NY state had a shooting team and kids frequently took their guns on the bus for this after school activity). As a result, fewer and fewer children are growing up fewer and fewer children are growing up learning how to shoot a gun. • From the above, as our population ages, what From the above, as our population ages, what would you expect to happen to the market price and quantity of sport hunting trips to places like Africa & South America? • Since the 1920s, more people live in cities Since the 1920s, more people live in cities than in rural areas…there is now a stigma of gun ownership…(in 1950s nearly every HS in NY state had a shooting team and kids frequently took their guns on the bus for this after school activity). As a result, fewer and fewer children are growing up fewer and fewer children are growing up learning how to shoot a gun.
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This note was uploaded on 04/02/2012 for the course ECO 2013 taught by Professor Slate during the Fall '10 term at Florida State College.

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PDF-Ch 16 & 17 - (I) Countries with less economic...

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