In the modern economic growth process, it is typical to find that:
A. Leader countries continue to grow faster than follower countries
B. Follower countries can grow faster than leader countries
C. Large countries cannot grow faster than leader countries
D. The gap between the leader countries and the follower countries stays constant
B. Follower countries can grow faster than leader countries
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The concept of scarcity as used by economists refers to:
a. a situation of excess supply. b. a situation in which the available resources are not enough to satisfy the wants of the people at a zero price. c. a situation in which an item is available only in very small quantities. d. a situation in which an item is very expensive. e. a situation in which a resource is nonrenewable.
An example of a beneficial externality is
a. airport noise. b. a blooming curbside bed of violets. c. pollution of a fishing lake. d. freeway congestion.