Economics--Module 7 & PART 2 REVIEW

Front

What are considered the primary determinants of economic growth and development according to the text? Natural resources and technology, Economic institutions and policies, Population size and labor force, Cultural traditions and history

Back

Economic institutions and policies

Front

What does the term "economic institutions" refer to in the text?

Back

Legal requirements, regulations, traditions, and customs

Front

What is the area of study that analyzes the impact of institutions and policies on economic growth known as?

Back

New Institutional Economics

Front

According to the text, what is central to the establishment of a sound institutional environment?

Back

Secure property rights, open markets, monetary stability, and minimal trade restrictions

Front

Who were some of the leading scholars involved in the development of the Economic Freedom of the World (EFW) index? Options: Milton Friedman, Gary Becker, Douglass North; Adam Smith, John Maynard Keynes, Karl Marx; Albert Einstein, Isaac Newton, Stephen Hawking; Thomas Edison, Nikola Tesla, Alexander Graham Bell

Back

Milton Friedman, Gary Becker, Douglass North

Front

What does the Economic Freedom of the World (EFW) index measure?

Back

The extent to which a country's institutions and policies are consistent with economic freedom.

Front

What are some of the elements required for a high EFW rating?

Back

Secure protection of privately owned property and low taxes

Front

Which countries were among the most persistently free economies according to the EFW index?

Back

Hong Kong, Singapore, New Zealand

Front

Which countries were identified as the least-free economies? Options: Venezuela, Zimbabwe, and the Republic of the Congo, Hong Kong, Singapore, and Taiwan, Ireland, Chile, and Mauritius, China and India

Back

Venezuela, Zimbabwe, and the Republic of the Congo

Front

What was the average per capita income of the ten most-free economies?

Back

$52,445