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MRU 27.7 Video Activity: The importance of institutions
Terms in this set (10)
North Korea is an example of a growth _______; South Korea is an example of a growth _______.
If North Korea had structured its institutions in the same way that South Korea structured theirs, then:
North Korea would not be so dark at night.
The example of North Korea and South Korea demonstrates:
the importance of institutions to economic growth.
Why is South Korea wealthier than North Korea?
North Korea is largely communist and South Korea is largely capitalist.
When viewed from space at night:
the economic divergence between North Korea and South Korea is obvious.
Institutions are critical to:
Which of the following is NOT mentioned as an example of an economic institution?
The well-functioning market economy of South Korea created:
the incentives needed for entrepreneurs to generate profit and prosperity.
Professor Cowen suggests that if North Korea had stronger property rights and prices that were not controlled by the government:
farmers might have an incentive to grow enough food to prevent starvation.
The totalitarian state in North Korea:
has eliminated the ability for people to start businesses or pursue other entrepreneurial activities.
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