Homework
Learning Objectives
i. Define Economic growth
ii. Calculate Real GDP per capita
iii. Identify the factors contributing to economic growth
iv. Discuss about emerging economies
Read the articles below and answer the questions that follow. For multiple-choice questions, circle/highlight the correct choice. For written response questions, type your answers.
• Why Are Some Countries rich and others poor?
• Ireland's Economic Miracle
• Organization for Economic Co-operation and Development (OECD) data for Ireland
• Sri Lanka is on the brink of bankruptcy after the worst financial crisis in history
• Sri Lanka Economic Crisis
I. Why is GDP per capita used as an estimate of the average standard of living in a country?
II. The "institutional theory" suggests that by establishing property rights, free and open markets, and the rule of law, a country will create the incentives necessary for markets to develop and the economy to grow without much other government intervention. Describe how evidence from South Korea and China suggests that, in some cases, government must play a larger role.
III. Why is economic growth key for countries who want to escape poverty?
IV. How do institutions increase total factor productivity (TFP) and create incentives for economic growth?
V. What is Celtic tiger?
VI. Name the Four Asian Tigers:
VII. Ireland's ability to attract foreign direct investment can also be attributed to increase in investment and focus on ______________.
i. land
ii. Labor
iii. Human capital
iv. Physical capital
VIII. In the data provided by OECD, the country with the highest GDP per capita in 2021.
i. Ireland
ii. United States
iii. Luxemburg
iv. Norway
IX. How many countries are members of OECD?
i. 40
ii. 48
iii. 38
iv. 58
X. Which is the richest country in the World (2021)?
i. Ireland
ii. Luxemburg
iii. United States
iv. Qatar
XI. Name two factors contributing for the growing economy of the richest country in question VII.
XII. List two main reasons for the economic crisis in Sri Lanka.
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.