The convergence hypothesis suggests that poor countries may close the income gap with rich countries
a. True
b. False
Indicate whether the statement is true or false
True
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A firm estimates that when output is 10, its total costs are $900 . It also finds that when output is 11, its total costs are $920 . The marginal cost of the eleventh unit of output is
a. $1 b. $20 c. $90 d. $900 e. $920
Refer to the above figure. The points between A and B are known as
A. a peak. B. a trough. C. an expansion. D. a contraction.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.
The primary gain from international trade is:
A. increased employment in the domestic export sector. B. more goods than would be attainable through domestic production alone. C. tariff revenue. D. increased employment in the domestic import sector.