Which statement best explains convergence?
a. Some low-income economies around the world have shown a pattern of convergence, in which their economies grow faster than those of middle-income countries.
b. Some middle-income economies around the world have shown a pattern of convergence, in which their economies grow faster than those of low-income countries.
c. Some low-income and middle-income economies around the world have shown a pattern of convergence, in which their economies grow faster than those of high-income countries.
d. Some high-income economies around the world have shown a pattern of convergence, in which their economies grow faster than those of low-income and middle-income countries.
c. Some low-income and middle-income economies around the world have shown a pattern of convergence, in which their economies grow faster than those of high-income countries.
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In the traditional Keynesian model, an increase in current taxes
A) increases disposable income but does not affect consumption. B) decreases both disposable income and consumption. C) decreases disposable income but increases consumption. D) has no effect on either disposable income or consumption.
Automatic stabilizers can return real GDP to its potential level without any government intervention
a. True b. False Indicate whether the statement is true or false
Chelsea wants to start her own Christmas ornament business. She can purchase a suitable factory that costs $100,000 . Chelsea currently has $150,000 in the bank earning 3 percent interest per year. Suppose Chelsea purchases the factory using her own money. What is Chelsea's annual implicit opportunity cost of purchasing the factory?
a. $2,000 b. $3,000 c. $4,500 d. $5,000
Refer to the information. The average total cost of 3 units of output is:
The Sunshine Corporation finds that its costs are $40 when it produces no output. Its total variable costs (TVC) change with output as shown in the accompanying table. Use this information to answer the following question.
A. $65.
B. $21.67.
C. $40.
D. $35.