Question

7.Which is NOT true about Simon Kuznets?

A.Winning the Nobel Prize in Economics

B. Identifying that institutions are central to understand economic growth

C. Being the father of GDP

D. Doing research on inequality.

I chose D I don't know if im right

8. Exponential Growth implies that____

A. Growth rates will alternate between positive and negative values in every consecutive time period

B.Relatively small differences in growth rates will translate into large differences in the level of a quantity after many years of growing

C.Relatively large differences in growth rates will translate into small differences in the level of a quantity after many years of growing

D. Growth rates can only be positive

E. None of the Above

Answer 1

7) Answer B not D

Identifying that institutions are central to Economic Growth.

( It was Douglas North who identified that institutions are central to economic growth.

Other options are correct. Simon Kuznets studied won Nobel. He is known as the father of GDP. He did study about inequality ( remember inverted U hypothesis).)

8) Answer is B

Relatively small differences in growth rates will translate into large differences in the level of quantity after many years of growing.

( Economic growth in general refers to the increase in national income, percapita income or national output over time. This growthrate vary over time.lf greater increase in economic growth happens with the passage of time, its exponential growth. Curve of such a growth will resemble the curve of an exponential function.)