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True / False / Uncertain ? According to the Institutions Hypothesis, the best predictor of a country's current living standards is whether it had abundant

True / False / Uncertain ?

  1. According to the Institutions Hypothesis, the best predictor of a country's current living standards is whether it had abundant natural resources before the European colonizers arrived.
  2. The constant returns to scale assumption in the Solow model implies that total output will stay constant at the steady state.
  3. According to the concept of income convergence, endogenous growth models imply that poor countries will grow faster than rich countries.

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