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- eview Quiz Chapter#2 ns tulet10r.02.104 A nation can accelerate its economic growth by: O a. imposing tariffs and quotas on imported goods. O b. printing more money. c. reducing the number of immigrants allowed into the country. O d. adding to its stock of capital. 5. 7. 18. 19. 20. •- Icon Key A O G 9. étv me Ti MacBook Air 888 F3 F4 F5 F6 F7 F8 F9 %23 2$ % & 3 7 8 R T Y 云 < cOSave Submit Test fo Question was one of the first countries to experience long-term economic growth during the nineteenth century. O a. Iran O b. Syria Oc. India Od. Cambodia Oe. New Zealand Icon Key I R F % 5 T O G 6 H & 4 FB U * 8 F9 prt sc ( 9 K home end insert TFast please thank you 15.
- People in richer countries tend to have more material goods, better nutrition, safer housing, better healthcare, and longer life expectancy than do people in poorer countries Select one: O True O FalseAn emerging country is defined as a country that becomes more engaged with global markets as it grows while it is transitioning from a low income, less developed, often pre-industrial economy towards a modern industrial economy with high production and higher standard of living. If this country's economic growth, results in more negative impact on environment, which of the followings best describes the contribution of income size of the economy on environment. Income effect dominates the size effect. O Size effect dominates Income effect. Both Income effect and size effect have the same effect. O The relation is not definable. None of the aboveMigration of workforce is targeting the developing countries. Select one: O a. True O b. False
- please do a,b,c,dIn che mid-1980s several of South Africa's maintrading partners imposed trade sanctions on SouthAfrica in an effort to bring an end to the then-prevailing policy of apartheid.South Africa mainly relied on the exports ofprimary commodities like gold, iron and other preciousmetals, while importing mainly capital goods.This almost instantly led to South Africa expe-riencing a shortage of capital goods, resulting insubdued economic growth. 31. In what did South Africa have a comparativeadvantage? 32.a.Draw a graph to illustrate production,consumption and trade in South Africabefore the imposition of trade sanctions.b.Was South Africa consuming inside, on oroutside its PPP? Explian your answer.c.Draw a graph to show the effects of tradesanctions on consumption and productionin South Africa.d. Did trade sanctrions change any opportunitycoSts in South Africa? If so, did theopportunity cost of everything increase?Did the opportunity cost of any itemsdecrease? Illustrate your answer…Some resource-rich countries have succeeded in converting resource wealth into longterm and equitable economic development, while many others have not. Naturalresources have played a fundamental role in the growth of several industrializedeconomies, including Germany and the United Kingdom, where coal and iron ore depositswere a precondition for the Industrial Revolution. The United States was the world’sleading mineral economy from the mid-nineteenth to the mid-twentieth century and in thesame period became the world’s leader in manufacturing (van der Ploeg 2011). Morerecently, countries such as Botswana, Chile, and Norway have used abundant oil andmineral resources as the foundation for economic growth. However, in many othercountries, resource extraction appears to have undermined governance, fed corruptionand capital flight, and increased inequality.Required:(a) Discuss the main challenges posed by resource revenues; and(b) Discuss the special fiscal institutions and mechanisms…
- Show that, when using a traditional economic production function,doubling our population can double our output if capital stocks alsodouble. Use the production function: Q = AK L , where A representstechnology in an economy, K capital, and L labor. Double K and L andshow that Q also doubles, assuming α=β=1/2. Now show that, when we incorporate natural capital into thediscussion, doubling the population does not increase output in thesame way (since natural capital cannot also grow). Use theproduction function: Q = AK L N , where N is natural capital. DoubleK and L and show that Q less than doubles, assuming α=β=γ=1/3.1A country faces diminishing marginal returns when increasing it's capital stock. If this country added 1,000 units of capital last year and saw their GDP rise by $500 per person, what would you expect to happen if they had added 2,000 units of capital instead? O GDP would increase by another $500 per person O GDP would increase by less than another $500 per person O GDP would increase by more than another $500 per person O It is impossible to tell what would happen What is a potential downside of using patents to promote the creation of new technology? Without a market test, patents might be given to technology which ends up being useless. O Government money may be directed towards unproductive goals. It slows the spread and development of those ideas by restricting competition. They prohibit competition forever. What is the law of diminishing marginal returns?