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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 ?
- 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.
- The constant returns to scale assumption in the Solow model implies that total output will stay constant at the steady state.
- According to the concept of income convergence, endogenous growth models imply that poor countries will grow faster than rich countries.
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