Convergence theory suggests that when less developed countries begin to develop, they typically have higher growth rates as they catch up with more developed nations.
Answer the following statement true (T) or false (F)
True
You might also like to view...
A tax of a specific absolute sum levied on every person in the nation is a(n)
a. excise tax b. regressive tax c. progressive tax d. income tax e. proportional tax
Politicians will usually
A) prefer to discuss means rather than ends. B) prefer to discuss the issues in specific terms rather than in general terms. C) not like to be perceived as either an extreme "right-winger" or an extreme "left-winger." D) refer to their opponents as "middle-of-the-roaders."
Currently an economy is producing at a point on its production possibilities frontier for goods X and Y. It is producing 100 units of good X and the opportunity cost of producing 1X is 3Y. If good X is produced at increasing opportunity costs, then when the economy produces 120 units of good X (on the same PPF) the opportunity cost of producing 1X could be ______Y.
What will be an ideal response?
Suppose the supply of labor schedule increases in a perfectly competitive labor market while the market demand schedule remains unchanged. A profit-maximizing representative firm will
A. hire fewer workers. B. hire the same number of workers. C. substitute capital for labor. D. hire more workers.