Answered: To answer this question please refer to…

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 20SQ

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To answer this question please refer to chapter 13, "Development Economics: The Wealth and Poverty of Nations," in Charles Wheelan's Naked Economics:Undressing the Dismal Science.

According to Wheelan all of the below are important determinants for economic growth and development of nations, EXCEPT THIS ONE. Which of the below does Wheelan consider to be NOT ESSENTIAL for economic growth and development?

A) Well-defined property rights.

B) Openness to trade.

C) Non-excessive levels of regulation.

D) Possession of large amounts of natural resources.

E) Human capital.

F) Responsible fiscal and monetary policy.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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