The great 18th century economist Adam Smith wrote “Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things.”  Explain how each of the three conditions Smith describes might promote long run economic growth.

Hypothetical data is given for the following countries. Calculate real growth per capita in the following countries: Instructions: Enter your responses rounded to one decimal place. If you are entering a negative number, be sure to include a negative sign (-) in front of the number. a. Democratic Republic of Congo: population growth = 2.8 percent; real output growth=-1.6 percent. Real growth per capita: % b. Estonia: population growth-(0.6) percent; real output growth-4.5 percent. Real growth per capita:[ % c. India: population growth=1.7 percent; real output growth = 5.9 percent. Real growth per capita: [ % d. United States: population growth 0.7 percent; real output growth = 2.8 percent. Real growth per capita: [

What are the three eras regarding the history of human population growth, and what arethe characteristics of each era? According to Galor and Weil (2000), what are the majoreconomic forces that drive the transition from a Malthusian economy to a modern growtheconomy?

Which of the following are true of capital as a determinant of economic growth? Check all that apply. Capital investment decreases per capita real GDP. Technological advances allow more output from the same amount of capital. As consumption increases, capital formation also increases. Countries with higher investment rates tend to have higher growth rates.