Question

Question 4 (1 point)

Which of the following statements is true?

a	Modern economic growth began in Britain around 1760 and has been slow to spread.
b	While much of the Western world began to experience modern growth in the early 1800s, most of Asia did not experience it until the 1990s.
c	It has only been in the last few decades that nations in Africa have begun to experience modern economic growth.
d	All of the above.
e	Only a) and c)

Question 5 (1 point)

Which of the following statements is true?

a	Discrepancies in the growth rates have led to a great difference between the wealth of nations who have experienced modern economic growth and those that have not.
b	While it is possible for poorer nations to catch up, they typically must rely upon the help of the wealthier nations.
c	While “follower” countries develop new technologies, “leader” countries adopt and adapt the technological advances pioneered in the leader nations.
d	All of the above.
e	Only a) and b)

Question 6 (1 point)

Which of the following statements is true?

a	In general, “follower” countries can grow “very fast” because their initial situation is one with significant inefficiencies in the use of their scarce resources. The availability of new technologies and more capital allows them to become more efficient and grow fast.
b	Strong property rights are absolutely essential for the promotion and sustainability of modern economic growth, since people will not invest if they believe their investments are not safe from theft or an unscrupulous government.
c	Patent and copyright laws are also necessary if a society wants a constant flow of innovative new technologies and sophisticated new ideas.
d	All of the above.
e	Only a) and b)

Answer 1

1) Solution: All of the above

Explanation: Modern economic growth started in Britain. The modern growth of Western world began in the early 1800s, while until the 1990s most of Asia did not experience it. The modern economic growth has been experienced by Africa in last few decades

2) Solution: Only a) and b)

Explanation: The follower nations adopt technology while leader nations invent the technology

3) Solution: All of the above

Explanation: The copyright and patent laws are needed when the society wants constant innovative new technologies; and property rights are also important for the promotion and sustainability of modern growth in an economy.