Answer the following statements true (T) or false (F)
1) Growth in well-being tends to be understated by growth in real GDP because of increases in leisure time.
2) Modern economic growth is defined as increases in real GDP over time.
3) Modern economic growth since the 1820s has widened wealth and income disparities between richer and poorer nations.
4) Leader countries tend to have higher growth rates than follower countries.
5) Follower countries achieve high rates of growth by adopting technologies developed by leader
countries.
1) T
2) F
3) T
4) F
5) T
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Is it possible for a super-entrepreneur to solve all of the coordination failure problems within a developing economy? Discuss
What will be an ideal response?
Public choice analysis indicates
a. most income transfers will be directed toward the poor. b. rent-seeking activities will improve the efficiency of resource allocation and promote economic growth. c. rent seeking will be less attractive if the nation's legal (or constitutional) structure makes it difficult to use the political process to take the property or income of others. d. politicians will consistently oppose programs favored by rent seekers if those programs reduce the welfare of society.