1. The ultimate cause for the different economic performance in North and South
ID: 1164114 • Letter: 1
Question
1. The ultimate cause for the different economic performance in North and South Korea is:
Select one:
a. more corruption in South Korea than in North Korea.
b. more abundant natural resources in South Korea than in North Korea.
c. better economic institutions in South Korea than in North Korea.
d. more foreign aid from the U.S. in South Korea than in North Korea.
2. The marginal product of capital is:
Select one:
a. the additional output that results when another unit of capital is added to existing resources
b. the increase in capital needed keep pace with depreciation
c. the change in the productivity of capital when technology advances
d. the average output per piece of capital
3. In regards to savings, an increase in the real interest rate would:
Select one:
a. Increase the amount of savings and decrease the amount of current consumption
b. increase the amount of savings and increase the amount of current consumption
c. decrease the amount of savings and increase the amount of current consumption
d. decrease the amount of savings and decrease the amount of current consumption
4. Which statement best describe the economic growth over time?
Select one:
a. ever since the rise of the roman empire the world economy has been growing and the standard of living has increased.
b. for most of civilianization people's standard of living was quite low and only in the last couple centuries has there been sustained increases in GDP per capita.
c. the world has had constant increases in GDP per capita since the agrarian revolution and people stated living in settlements.
d. the GDP per capita today is the same as it was thousands of years ago.
Explanation / Answer
a) "C"
South Korea has better economic institutions when compared to North Korea. It is the reason why South Korea is better at performance on the economic front.
b) "A"
An additional output that results when another unit of capital is added to existing resources.
c) "A"
An increase in the current real rate of interest and will increase the saving and decrease the current rate of consumption.
d) "B"
Things have changed only after the industrial revolution before that is was a very bad standard of living.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.