On a graph with time on the horizontal axis and real GDP per capita on the vertical axis, the income levels of poorer countries are
A. diverging more from the incomes of rich countries.
B. maintaining a constant gap with the incomes of richer countries.
C. crossing the line representing richer countries.
D. coming closer to the line representing richer countries.
Answer: D
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What are the costs and benefits of foreign trade?
What will be an ideal response?
Injections include
A. Consumer saving. B. Taxes. C. Business saving. D. Exports.
If the marginal product of labor equals the average product of labor, then the
A. marginal product is maximized. B. average product is still increasing. C. marginal product is still increasing. D. average product is maximized.
The fraction of additional income spent on imports is called the
A) marginal propensity to export. B) import function. C) marginal propensity to import. D) trade balance.