The convergence theory suggests:
A. all countries eventually will experience the same rate of growth.
B. countries may have the same rate of growth but differing levels of income.
C. that poorer countries will grow faster than rich ones.
D. All of these are true.
Answer: D
You might also like to view...
Which statement is false?
A. The 1990s was one of the most prosperous decades in the United States' history. B. The United States' economy reached its tenth year of steady expansion in the spring of 2001. C. Compared to other decades, the 1990s was a decade was unique in that it had strong economic growth with no recessions. D. At the end of the 1990s, the government was running budget surpluses.
Which of the following is an example of a positive economic statement?
a. The economy's output increased by 3 percent last year. b. A central bank should not print more money because inflation will result. c. Congress should stabilize the social security system by raising taxes now. d. The economy should grow at 5 percent each year. e. The government farm products surplus should be distributed to the needy.
A movie star was paid $1 million in 1960 to do a movie. The CPI was 29.3 in 1960 and the CPI in 2014 was 240. Approximately how much did the movie star earn in 2014 dollars?
A) $0.87 million B) $8.66 million C) $6.44 million D) $7.74 million E) ?$8.19 million
After subsistence levels of food, shelter, and clothing have been provided, economists refer to all other goods and services as:
A. "needs". B. "wants". C. "luxuries". D. "inferior goods".