The convergence hypothesis states that international differences in real GDP per capita tend to _____ over time.
A. diverge
B. fluctuate
C. remain constant
D. narrow
Ans: D. narrow
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In industrywide advertising, managers have an incentive to ________ and ________ for the advertising.
A) free -ride; not pay B) franchise; pay C) franchise; not pay D) free -ride; pay
Growth accounting is seen a useful way to estimate this inputs contribution to growth:
A. technology. B. physical capital. C. labor. D. land.
Since the year 1959, the poverty rate has
A. increased very slightly. B. increased significantly. C. decreased significantly. D. remained almost unchanged.
Economics is best defined as the study of:
A. supply and demand. B. the financial concerns of businesses and individuals. C. inflation, interest rates and the stock market. D. how people make choices in the face of scarcity and the implications of those choices for society as a whole.