ECON 214 InQuizitive ch. 11 Liberty University Solution

What is the definition of an institution?

What, by consensus among economists, are the broad factors for economic growth?

Apply the appropriate label to each country.

Complete the sentence describing the nature of institutions.

Although institutions are often associated with a physical representative (like the Supreme Court building), the essence of an institution is a set of expectations and – that shape the – in which –.

Complete the short passage about China’s economic growth.

In the last two decades, China’s – has grown at just under – annually. China will soon rank among the world’s – nations.

What is the approximate difference in life expectancy for people born in rich nations versus people born in poor ones?

Identify each form of capital as natural, physical, or human.

Which developments were characteristic of the Industrial Revolution and the events leading up to it, in nations where it took hold?

Suppose that in 2018, Brazil’s annual economic growth rate has dropped to 1.4%. Use the rule of 70 to estimate how long it would take for its real per capita GDP to double.

Identify the correct equations for approximating economic growth.

Fill in the blanks to complete the passage about Americans’ quality of life today.

The average American’s real income today is about four times what it was in –. Average lifetime lengths have increased by –, the number of hours worked per week has decreased by –, and homes have –doubled in size.

Fill in the blanks to complete the passage about the relationship between economics and geography.

In the map below, dark areas represent concentrations of –. Not coincidentally, these tend to be located along natural – created by –, which provide ready access to –.

Fill in the blanks to complete the passage about worldwide average income levels in modern times.

Worldwide, incomes began to rise dramatically around –. Even so, a historian has estimated that in 1820, the average annual income in 2010 dollars was about –. That was sufficient income for – but not enough for what most people today consider –.

Fill in the blanks to complete the passage about the economic implications of technological advances.

The U.S. dairy cow industry produced milk from just over – million cows in 1924. Today, it relies on just under – million. And yet total milk production today is a little over – what it was in 1924. This is possible because the typical cow produces – as much milk, thanks to strategic breeding and changes in how –.

Natural resources are the decisive ingredient in any country’s prospects for economic growth.

$53,000 is placed in an investment account that grows at a fixed rate of 2% (compound growth) per year. How much is in the account after four years? Round your answer to the nearest whole number.

Complete the description of advances in U.S. corn cultivation.

The United States produces six times as much corn per acre as it did 85 years ago. This has been accomplished by means of new – varieties of corn, improved products for – control, more efficient –techniques, and new –.

Match each 2000 real per capita GDP (in 2010 US dollars) with the corresponding country or region.

In economics, cultural norms are a given—not a factor that can be critiqued and changed for economic reasons.