International data suggests that countries with different steady states will
a. converge to the same growth rates of output.
b. converge to the same per-capita output levels.
c. not converge.
d. converge to the same steady state in the long-run.
C
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Movement from one point on the production possibilities curve to another leads to more of both goods being produced
a. True b. False Indicate whether the statement is true or false
The United States was able to produce temporarily outside its production possibilities curve for several years during World War II by doing which of the following?
A. Recruiting housewives to work in tank and airplane factories. B. Convincing workers who qualified for retirement to put off retirement. C. Pressing older machinery and equipment into use. D. Expansion of the work week. E. All of the choices are true
In a contestable market the costs of entering and leaving the market are very:
A. high. B. low. C. low, but firms have no incentive to enter or leave. D. high and firms have no incentive to leave.
In the long run, the chief determinant of exchange rate changes is a change in
A. interest rates. B. real GDP. C. the price of gold. D. price levels.