Higher income countries are more likely to have _____________ returns to their investments and must continually invent new technologies, which allows lower-income economies to have a chance for convergent growth.
a. marginal
b. increasing
c. diminishing
d. stagnant
c. diminishing
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Most economists agree that ________ are the single most important source of productivity improvements.
A. increases in physical capital B. increases in human capital C. technological advances D. discoveries of natural resources
What impact does monetary policy have on the long-run Phillips curve?
A) Monetary policy shifts the long-run Phillips curve to the right or left, depending on whether monetary policy is expansionary or contractionary. B) Monetary policy can only shift the long-run Phillips curve to the right. C) Monetary policy can only shift the long-run Phillips curve to the left. D) Monetary policy has no impact on the long-run Phillips curve.
The amount of time it takes for fiscal policy to have an impact on the economy creates:
A. an information lag. B. a formulation lag. C. an implementation lag. D. a direction lag.
Two products are perfect complements if:
A. a consumer is willing to swap one for another at a fixed rate. B. they are valuable only when used together in fixed proportions. C. their indifference curves are straight lines. D. they lie on the same indifference curve.