Which of the following is a reason why the growth rates of high-income countries can be lower than that of low-income countries?
a. In high-income countries, the invention of new technology is difficult, expensive, and time consuming.
b. In high-income countries, the invention of new technology is subject to diminishing marginal returns.
c. In high-income countries, the marginal cost of
production increases as output increases.
d. In high-income countries, the average cost of production increases as output increases.
a
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In 2015, health care's share of gross domestic product in the United States was about
A) 6.5 percent. B) 18 percent. C) 45 percent. D) 62.5 percent.
What shape is the production possibilities curve usually expected to exhibit?
a. Upward-sloping. b. Bowed out. c. Bowed in. d. Straight line. e. U-shaped.
What are two arguments against using the economic method?
a. It is not a fair and diverse approach. b. It is not possible to prove that people behave rationally. c. People do not and should not take only economic factors into their decision making. d. It is too complicated and theoretical.
Andre’s country is democratic, which means that it ______.
a. has lower than average population growth b. can grow its economy even without abundant natural resources c. could be wealthier or poorer than the overall world average d. usually enacts policies that are favorable to economic growth