One of the Key Determinants of Economic Growth Is Access

question 1

Multiple Choice

One of the key determinants of economic growth is access to capital. Using 54 variables to create an index of 1-7, with 7 been best possible access to capital, Milken Institue ranked the following as the top ten nations (although technically Hong Kong is not a nation) by the ability of their entrepreneurs to gain access to capital: Find the mean of the indices of the top ten nations. What is the standard deviation of these data?

• A) μ = 5.34; σ = 0.28
• B) μ = 3.25; σ = 0.28
• C) μ = 3.32; σ = 0.43
• D) μ = 5.94; σ = 0.27
• E) μ = 5.34; σ = 0.58

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Definitions:

Productivity

The measure of how efficiently production inputs, such as labor and capital, are being used in an economy to produce a given level of output.

Compensating Differential

Additional pay or benefits provided to employees to offset unpleasant aspects of a job.

Human Capital

Expertise, knowledge, and learned experiences of an individual or demographic, evaluated based on their monetary significance or cost to an entity or nation.

Education

The process of facilitating learning, or the acquisition of knowledge, skills, values, beliefs, and habits through various forms of instruction or training.