Towards the end of the twentieth century, some of the world's more affluent countries experience robust growth while others experienced growth slowdown or even stagnation. Which of the following is not a reason for the divergent growth trend?
A. disparities in the rate of accumulation of human capital
B. unwillingness to enforce property rights
C. disparities in the employment rate
D. differences in macroeconomic policymaking that allow producers to take a long-term view
Ans: B. unwillingness to enforce property rights
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If the labor demand curve shifts to the right due to a government policy during a recession, and if wages are flexible, ________
A) real wages will increase B) real wages will decrease C) prices will fall D) unemployment will increase
According to the text, what is not a pre-condition for factory production and industrialization?
a. Standardized parts b. Sufficient power and energy c. Continuous process production d. A sufficiently centralized administrative structure