The economic growth model predicts that the
A. level of per capita GDP in poor countries will decrease over time and the poor nations will not be able to catch up with the rich nations.
B. rich countries will have stagnant growth and will catch up with the poor countries, so that there will be a convergence toward a "poverty trap"
C. level of per capita GDP in rich countries will increase so fast that it will be difficult for poor countries with low income per capita to ever catch up with the rich countries
D. level of per capita GDP in poor countries will increase faster than rich countries and the poor nations will catch up with the rich nations
Ans: D. level of per capita GDP in poor countries will increase faster than rich countries and the poor nations will catch up with the rich nations
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A. perfect competitor. B. monopolist. C. price taker. D. profit maximizer.
If the Consumer Price Index was 125 in one year and 120 in the following year, then the rate of inflation is approximately
A. 4%. B. -4%. C. -4.2%. D. 4.2%.
The Folk Theorem says that anything can happen in infinitely repeated games.
Answer the following statement true (T) or false (F)
Explain how efficiency wages, labor unions, and minimum wage laws affect labor markets
What will be an ideal response?