The idea of convergence is that
a. Poor and rich economies will converge on middle-income status.
b. Capitalist and Socialist systems will become more alike.
c. Poor countries will grow faster than rich ones, but may level off before becoming rich.
d. Agricultural technologies will come to resemble industrial technologies.
e. None of the above.
C
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In most cases, expenditure-switching policies must be accompanied by expenditure-reducing policies because
A) expenditure-switching policies are completely ineffective without expenditure-reducing policies. B) inflation ensues as home country domestic expenditures switch away from foreign goods to domestic goods unless overall expenditures are reduced. C) inflation abroad may increase the demand for domestic goods, causing inflation to rise. D) the depreciation in the exchange rate may decrease the domestic price of foreign goods, causing an increase in the current account deficit. E) None of the above.
Which of the following is a macroeconomics topic?
a. Wages of textile workers in the Northeast. b. The cost of producing 10,000 bookcases. c. The economy's annual growth rate. d. National demand for fish. e. Effects of farm subsidies on food prices.