When looking at real world data, we see that the convergence theory:
A. holds nearly universally.
B. holds for some countries, but not others.
C. does not hold empirically.
D. was proved false.
B. holds for some countries, but not others.
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No society can provide its citizens with everything that they want because of
a. greedy politicians b. lazy workers c. an educational system that does not provide hands on experience d. firms that strive to maximize profits e. a scarcity of resources
Stagflation is characterized by a(n)
What will be an ideal response?
In perfect competition, the condition that ensures that the right things are produced is
A. MUX = PX. B. P = MC. C. MRPL = ATC. D. P = ATC.
Refer to Cournot Problem. In the Nash Equilibrium, each firm will receive producer surplus of
a. $300 b. $450 c. $600 d. $900