Identify the main reason to expect convergence in the long run.
A. Low-productivity countries learning from high-productivity countries
B. Rapid growth in the supply of capital in low-productivity countries
C. Educational attainment rising quickly in low-productivity countries
D. Economic complacency and mismanagement in high-productivity countries
Answer: A
You might also like to view...
In the economic way of thinking, a tropical rainforest is a scarce good. Thus,
A) there is no substitute for a tropical rain forest. B) there is a substitute for a tropical rain forest. C) tropical rains forests should be preserved at any cost. D) tropical rain forests can be preserved at no cost. E) economists don't like tropical rainforests.
If an economy tried to use bananas as money, which function would bananas likely have the most difficult time fulfilling?
A) a store of value B) a unit of account C) a medium of exchange D) a means of payment
Suppose the government places a per-unit tax on a good. The smaller the price elasticities of demand and supply for the good, the
a. smaller the deadweight loss from the tax. b. greater the deadweight loss from the tax. c. less efficient is the tax. d. more equitable is the distribution of the tax burden between buyers and sellers.
If the government required the actual market price to be fixed at $6 per unit in,
Shifts of Supply and Demand
A. The market would reach equilibrium. B. A nonbinding or noneffective price ceiling would result. C. A binding or effective price floor would result. D. A binding or effective price ceiling would result.