_______________—a term coined by Alexander Gerschenkron (1904–78) suggesting that a country that is behind has some extra potential for catching up.
a. Law of diminishing returns
b. Convergence
c. The advantages of backwardness
d. Divergence
c. The advantages of backwardness
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A sudden rise in the market demand in a competitive industry leads to
a. A short run market equilibrium price higher than the original equilibrium b. A market equilibrium higher than the short run price c. Some firms exiting the market d. All of the above
During hyperinflation, the value of money.....
What will be an ideal response?
What factors determine the differences in salaries, wages, and income that we observe?
What will be an ideal response?
Suppose a country attempts to be self-sufficient and doesn't trade with any other countries. From an economic perspective, citizens of this nation can be expected to
a. gain materially from this policy because they can consume more goods over time than if they engaged in trade with foreigners. b. produce less total value than they could if they specialized and engaged in trade with other nations. c. gain from more rapid growth since home markets are reserved for home producers. d. be just as well off without trade since the value of what is sent to other nations in trade just equals the value of what is received in trade.