Over time, nations tend to converge to
A) the same balanced growth path and same income per capita.
B) the same balanced growth path but varying income per capita.
C) different balanced growth paths but the same income per capita.
D) different balanced growth paths because of varying income per capita.
D
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The net loss to society from a tax on a product can be measured as: a. the loss in consumer surplus
b. the loss in producer surplus. c. the loss in both consumer and producer surplus. d. the difference between the loss in consumer and producer surplus and the gain in tax revenue.
Any factor that shifts the demand curve to the left but does not affect the supply curve will lower the equilibrium price and raise the equilibrium quantity
a. True b. False Indicate whether the statement is true or false