According to economic historians, modern economic growth first happened in 1765 when Eli Whitney invented the cotton gin. O 1701 when Jethro Tull invented the seed drill. 1776 when the American colonies declared their freedom. 1776 when Scottish inventor James Watt perfected a powerful and efficient steam engine. Which of the following are among the major institutional structures that form the foundation for modern economic growth? O Literacy and widespread education, free trade, a competitive market system, and free public health. Strong property rights, patents and copyrights, efficient financial institutions, literacy and widespread education, free trade, and a competitive market system. O Patents and copyrights, free trade, free public health, environmental protection, and a competitive market system. Strong property rights, patents and copyrights, environmental protection, and efficient financial institutions. What are the characteristics of the major institutional structures that form the foundation for modern economic growth? They increase saving and investment, promote the development of new technologies, and ensure that resources flow efficiently to the most productive uses. They increase saving and investment, promote the development of new technologies, and ensure that labour is paid fairly. They increase saving and investment, ensure that labour is paid fairly, and encourage international trade. They ensure that labour is paid fairly, encourage international trade, and promote the development of new technologies.There is a close relationship between changes in the productivity growth in a nation and changes in its average real hourly wage. The relationship exists because if average real hourly wage and output per worker is. 0 increasing, then the amount of output available per capita for workers to buy will be growing so more can be purchased. 0 decreasing, then the amount of output available per capita for workers to buy will be decreasing so more can be purchased. 0 increasing, then the amount of output available per capita for workers to buy will be less so more can be purchased. 0 decreasing, then the amount of output available per capita for workers to buy will be less so more can be purchased. 3. Some countries are richer today than other countries because the richer countries: 0 began the modern economic growth process sooner. 0 have lower tax levels than others. 0 have more resources than others. 0 are located in more temperate climates. b. Today's poor countries are 0 destined to always be poor because they started the process too late. 0 destined to always be poor because they have few resources. 0 not always destined to be poor as they can develop the appropriate institutions to catch up with wealthier countries. 0 not always destined to be poor as they can borrow money from wealthier countries. c. An example of a country that developed appropriate institutions and took advantage of pre-existing technologies to catch-up with wealthier nations is 0 South Korea 0 Haiti 0 Romania 0 Argentina True or false? 3. Technological advance, which to date has played a relatively small role in Canadian economic growth, is destined to play a more important role in the future. (Click to select} v b. Many public capital goods are complementary to private capital goods. (Click to select) v c. Immigration has slowed economic growth in the Canada. (Click to select} v This is {True or False) because 0 increases in the quantity of labour supplied to the market (Le. women entering the labour force) plays a much more important role than technological change does 0 as technology became easier to obtain copyright violations and plagiarism increased exponentially to mitigate any possible gains in economic growth. 0 increases in the quality of labour supplied to the market (i.e. more highly educated workforce) plays a much more important role than technological change does 0 technology has played the most important role in Canada's economic growth of any growth factor. However, the second part of the statement is probably true. 0 public goods are not available for privately owned rms to use at their own discretion. 0 private capital goods are substitutes to public capital goods. 0 for example, consumers need roads to drive their cars on to get to work 0 for example, manufacturers of products need public roads to get the goods to retail locations for purchase by consumers. O immigration has been a source for an expanded labour force and also for expansion in aggregate demand. 0 the failure of US banks and the resulting world-wide recession was the actual cause of slowed economic growth. 0 immigrants use more tax-payer funded social services compared to native born citizens. O immigrants, as a group, have a lower rate of employment and higher rate of unemployment compared to native born citizens