ECON 214 InQuizitive Assignment 4 solutions complete answers

ECON 214 InQuizitive Assignment 4 solutions complete answers 

 

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 –.

 

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.

 

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 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 –.

 

Place the inventions in chronological order.

 

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 –.

 

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 –.

 

Which institutions foster economic growth?

 

Identify the characteristics that have enabled Singapore to become one of the world’s most prosperous nations.

 

Identify the items that contribute to an increase in a nation’s real per capita GDP.

 

Complete the sentence about one key form of capital.

 

The standardized – made it much easier to transport goods around the world, by eliminating the need to – them every time the mode of – changed. This illustrates the key role of – as a factor of production.

 

Drag items to fill in the correct growth rate in world GDP for each era in the table.

 

If a country’s nominal GDP is growing at 4.4% annually, annual inflation is running at 2.3%, and the population growth rate is 0.5%, what is the growth rate of real per capita GDP?

 

Identify all instances of technological advancement.

 

Match the 2008 real per capita GDPs to their corresponding countries on the world map.

 

 

What is the definition of an institution?

 

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

 

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.

 

Apply the appropriate label to each market situation.

 

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.

 

Which nations’ diplomats frequently committed parking violations? Which nations’ diplomats committed very few?

 

What is the correct definition of technology?

 

Identify the country to which each description applies.

 

Identify each item as either human capital or technology.

 

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 –.

 

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.

 

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.

 

At one time, diplomats in New York could not be punished in any way for parking violations. Two sociologists studied violation patterns and concluded that diplomats from some nations got tickets far more often than diplomats from other nations.