Refer to Table 22-5. Consider the statistics in the table above in describing the industrialized countries. Are these consistent with the economic growth model? Briefly explain
What will be an ideal response?
These statistics for selected industrial economies are consistent with the economic growth model. The countries with the lowest levels of real GDP per capita in 1960 had the fastest growth rates between 1960 and 2000. The countries with the highest levels of real GDP per capita had the slowest growth rates.
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Suppose after the semester ends, you take a trip to a tropical island. Upon arriving at the island, you make a stop at one of the markets and notice that everyone is carrying around jars full of little turtles
You also notice the person in line in front of you just paid for a bottle of rum with 6 turtles. Someone else just bought a straw hat for two turtles. Thinking back to your economics class (as painful as that may be), you would conclude that A) turtle soup is a delicacy. B) turtles are valueless. C) this is a barter economy. D) those little turtles are serving as money.
What is a major cause of negative production externalities associated with the mining and processing of rare earth mineral?
a. Processing of rare earth minerals generates radioactive wastes. b. Rare earth mining is often done in less-developed countries. c. Processing of rare earth minerals is very costly in countries that possess rare earth mineral deposits. d. Processing of rare earth minerals generates air pollutants.