ECONOMICS
ECONOMIC DEVELOPMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
True
|
|
|
False
|
|
|
Either A or B
|
|
|
None of the above
|
Detailed explanation-1: -A country that made its courts less corrupt and its government more stable would likely see its standard of living rise. If a country made it easier for people to establish and prove the ownership of their property, real GDP per person would likely rise.
Detailed explanation-2: -Yet there is a generally accepted measure for standard of living: average real gross domestic product (GDP) per capita. Let’s break it down piece by piece: GDP measures annual economic output-the total value of new goods and services produced within a country’s borders.
Detailed explanation-3: -If a country’s saving rate increases, which of the following happens in the long run? Its productivity and real GDP per person are both higher.
Detailed explanation-4: -All else equal, which of the following would tend to cause real GDP per person to rise? a change from inward-oriented policies to outward-oriented policies, an increase in investment in human captical, and strengthening of property rights.