Convergence is a pattern in which:
a. low-income and middle-income economies grow faster than those of high-income countries.
b. high-income economies grow faster than those of low-income and middle-income countries.
c. Western economies grow faster than Eastern economies.
d. Eastern economies grow faster than Western economies.
a. low-income and middle-income economies grow faster than those of high-income countries.
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Other things remaining same, a left shift in the demand curve will lead to:
A) an increase in the equilibrium price and the equilibrium quantity. B) a decrease in the equilibrium price and the equilibrium quantity. C) a decrease in the equilibrium price and an increase in the equilibrium quantity. D) an increase in the equilibrium price and a decrease in the equilibrium quantity.
Refer to the figure above. Social surplus will be maximized if the quantity supplied of Good X is ________
A) Q1 B) Q2 C) greater than Q1 D) greater than Q2