The logic behind the catch-up effect is that
a. workers in countries with low incomes will work more hours than workers in countries with high incomes.
b. the capital stock in rich countries deteriorates at a higher rate because it already has a lot of capital.
c. new capital adds more to production in a country that doesn't have much capital than in a country that already has much capital.
d. None of the above is correct.
c
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Controls on GHG emissions from mobile sources
a. have been in place in the United States since the Clean Air Act of 1970 b. were recently established by the EPA and the National Highway Traffic Safety Administration (NHTSA) c. are implemented solely through CAFÉ standards issued by the EPA d. apply solely to heavy-duty trucks and rail transport vehicles
Economic profit is
A) equal to the firm's total revenue minus its opportunity costs. B) an opportunity cost of operating the firm. C) equal to the firm's total revenue minus its normal profit. D) the average return for supplying entrepreneurial ability.
A major institution in international regulation is the
A) WTO. B) Federal Reserve. C) FDIC. D) TSA.
Define and distinguish between real and nominal GDP. Explain why the distinction is important to economists