The importance of institutions for economic growth are best explained as a) a country's ability to take part in international cooperation b) a proximate cause of growth c) defining an economy's incentives for accumulating physical and human capital and for innovation d) a country's gain from participation in international organizations
The importance of institutions for economic growth are best explained as a) a country's ability to take part in international cooperation b) a proximate cause of growth c) defining an economy's incentives for accumulating physical and human capital and for innovation d) a country's gain from participation in international organizations
Chapter7: Economic Growth: Theory And Policy
Section: Chapter Questions
Problem 2DQ
Related questions
Question
The importance of institutions for
a) a country's ability to take part in international cooperation
b) a proximate cause of growth
c) defining an economy's incentives for accumulating physical and human capital and for innovation
d) a country's gain from participation in international organizations
Expert Solution
Step 1
the sustained rise in production of goods and services is called economic growth. The institutions play the critical and predominant role in driving up growth rate of economy.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc