Over the past 10 years, the average growth rate in real GDP has been 2 to 3 times greater in India than in the United States. What does this indicate about the difference in the level of income in India and the United States over the past 10 years
What will be an ideal response?
Since the average growth rate in real GDP is greater in India than in the United States, the difference in the level of income in these countries over the past 10 years has been getting smaller.
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Refer to the table above. The official settlements account balance is
A) -$1,100 billion. B) -$10 billion. C) $1,100 billion. D) $10 billion. E) $0.
An industry characterized by a small number of dominant firms that face downward-sloping demand curves is best described as:
A) a monopoly. B) monopolistically competitive. C) an oligopoly. D) perfectly competitive.
If Jason can wash a car in 20 minutes and wash a dog in 10 minutes, and Megan can wash a car in 15 minutes and wash a dog in 15 minutes, which of the following statements is true?
a. The opportunity cost of washing a car is greater for Megan. b. The opportunity cost of washing a car is one dog bath for Jason. c. Megan could wash two cars in the time it takes to wash a dog. d. Jason has both a comparative and an absolute advantage in washing a dog. e. The opportunity cost of washing a dog is greater for Jason.
Gross private domestic investment includes
a. purchases of capital goods, all new construction, and purchases of consumer durable goods b. purchases of capital goods, all new construction, and inventory investment c. purchases of capital goods, all new commercial construction, and inventory investment d. purchases of capital goods, all new residential construction, and inventory investment e. purchases of all types of durable goods, all new construction, and inventory investment