Explain the economic concept of convergence
What will be an ideal response?
Convergence is the process by which poorer countries close the gap between their level of GDP per capita and the GDP per capita of richer countries. To converge, poorer countries must grow at a faster rate than richer countries.
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When a good ends up undersupplied, we can assume it is a:
A. common resource. B. private good. C. public good. D. transitory good.
The cross elasticity between two goods has been measured at ?1.2 . How are the goods related? Explain. Give an example of goods for which this might be a reasonable measure of cross elasticity
If a nail salon hires an additional worker, that worker can service 8 additional customers per day. The average nail service fee is $30. The most the salon would be willing to pay that worker is
A. $8 per day. B. $30 per day. C. $240 per day. D. indeterminate with the given information.
A concentrated industry has ________ that dominate a market.
A. an infinite number of firms B. a large number of firms C. three or fewer firms D. a relatively small number of firms