Suppose we claim that the rapid economic growth in Barylia can be attributed to the culture hypothesis. Which of the following statements is most likely to be concluded from this claim?
A) Barylia must have large stocks of productive natural resources.
B) Institutions in Barylia must have been inclusive.
C) Barylia must have a huge stock of physical capital.
D) The local people in Barylia must be socially inclined to work hard.
D
You might also like to view...
What can we do to deal with the externalities associated with public goods and common resources?
a) Private markets will lead to an efficient allocation of resources. b) Government intervention can potentially raise economic well-being. c) Private markets will correct for the gain or loss to consumer surplus. d) Government intervention can completely eliminate the free-rider problem.
Suppose you drink more tea because the price of coffee has increased. Which of the following best explains your action?
a. the law of supply b. tea and coffee are complements c. the substitution effect d. the income effect e. your nominal income has increased