1. The “mark to market rule” had little impact on banks and insurance companiesduring the financial crisis.

2.  I could give specific examples from my personal or professional life that illustrate four of the following seven institutional structures that promote growth; strong property rights, patents, efficient financial institutions, education, a competitive market system and equal treatment under the law.

4.   Trade restrictions persist largely because those harmed by the restrictions are unaware of their lost welfare, while beneficiaries know the gain from the restrictions.

5.   If wages are lower in Mexico than in Germany, labor costs per unit of output could still be higher in Mexico.

6.  Over time the production possibility curve of a country could move in and to the left or out and to the right.

7.   The only way the standard of living can increase is to increase the quantity of labor and/or capital.