Exam Two (chap 7)
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if a country's population increases at a slower rate than the growth in its real gdp:
GDP per capita has increased
In the absence of copyright and patent laws:
it is difficult for innovators to profit from their efforts.
if a country's population increases at a higher rate than the growth in its real gdp:
the standard of living in the country has declined
If the growth rate in an economy is 3.5%, then it's GDP will double in about
20 years
one way to stable financial system supports economic growth is that it:
facilitates the movement of capital from savings to investment
Which statement about the rule of 70 is true?
it is fairly accurate for small growth rates
Index of Economic Freedom
measures the quality of a country's intangible infrastructure
