The United States is a member of the fast-growth club of economic convergence, and India is a member of the slow-growth club of economic convergence.
Select whether the statement is true or false.
A. True
B. False
B. False
This statement is false. The United States is a member of the slow-growth club of economic convergence. India is a member of the fast-growth club of economic convergence.
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If the marginal rate of technical substitution of labor for capital (MRTSLK) exceeds the relative price of labor in terms of capital (PL/PK), then
a. the firm's long-run average cost curve is rising. b. the firm is producing its output at the least possible cost, but the firm should reduce its output level to increase its profits. c. the firm has increased its output level beyond the point of diminishing marginal returns. d. the firm needs to use less capital and more labor to reach its expansion path.
The extra cost associated with undertaking an activity is called
A) opportunity cost. B) foregone cost. C) marginal cost. D) net loss.
In response to an unanticipated easing of monetary policy, the Fed funds rate ________ at first, then ________ after 6 to 12 months
A) rises; returns most of the way to its original value B) falls; returns most of the way to its original value C) remains roughly unchanged; rises significantly D) remains roughly unchanged; falls significantly
Comparisons of per capita gross domestic product across countries provide a very good measure of how similar living standards are across countries.
Answer the following statement true (T) or false (F)