Principles of Microeconomics (12th Edition)
12th Edition
ISBN: 9780134081199
Author: CASE
Publisher: PEARSON
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Chapter 21, Problem 2.3P
To determine
Why poor countries are trapped in a vicious circle of poverty.
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What factors explain why many low-income countries are not catching up with high-income countries?
Question 23 options:
Failure to enforce the rule of law.
Private property rights.
Wars and revolutions.
Poor education and health systems.
Low rates of saving and investment.
An independent court system.
Central banks.
The incentive to make money.
According to Adam Smith, where does the wealth of a country come from? What does society need in order to enable the growth of wealth?
To answer this question please refer to chapter 13, "Development Economics: The Wealth and Poverty of Nations," in Charles Wheelan's Naked Economics:Undressing the Dismal Science.
According to Wheelan all of the below are important determinants for economic growth and development of nations, EXCEPT THIS ONE. Which of the below does Wheelan consider to be NOT ESSENTIAL for economic growth and development?
A) Well-defined property rights.
B) Openness to trade.
C) Non-excessive levels of regulation.
D) Possession of large amounts of natural resources.
E) Human capital.
F) Responsible fiscal and monetary policy.
Chapter 21 Solutions
Principles of Microeconomics (12th Edition)
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