When the rate of growth of per capita income of poorer countries is higher than that of richer countries, it leads to economic convergence
a. True
b. False
Indicate whether the statement is true or false
True
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If Bert has budget constraint A in the graph shown, what is his opportunity cost of three gallons of milk?
This graph shows three different budget constraints: A, B, and C.
A. Twelve cases of soda
B. Eight cases of soda
C. Four cases of soda
D. It is impossible to say without knowing Bert's income.
Money is one of our nation's resources (factors or means of production)
a. True b. False Indicate whether the statement is true or false
Since firms in both monopolistic competition and perfect competition earn zero economic profit, price must be equal to average cost for both types of firms.
Answer the following statement true (T) or false (F)
Which of the following is consistent with moving from a shortage to equilibrium in the market for foreign currency exchange?
a. the exchange rate falls so foreign residents want to buy more U.S. goods and services b. the exchange rate falls so foreign residents want to buy fewer U.S. goods and services c. the exchange rate rises so foreign residents want to buy more U.S. goods and services d. the exchange rate rises so foreign residents want to buy fewer U.S. goods and services