Lecture 7 Flashcards
1
Q
What explains long-run economic growth?
A
Saving and investment
Technological progress, research and development
Free trade, foreign investment
Human capital, healthcare and nutrition
Political stability, property rights
2
Q
Private Goods
A
Excludable, rival
3
Q
Public Goods
A
Non-excludable, non-rival
4
Q
Club Goods
A
Excludable, non-rival
5
Q
Commons
A
Non-excludable, rival
6
Q
PV
A
FV/1+i
7
Q
FV
A
PV(1+i)
8
Q
Using future value to solve for present value is…
A
Discounting
9
Q
Using present value to solve for future value is…
A
Compounding
