Are countries that began modern economic growth more recently doomed to be permanently poorer than the countries that began modern economic growth in earlier periods? Explain.
What will be an ideal response?
The general answer to the question is no. Countries that began modern economic growth more recently are not doomed to be permanently poorer than the countries that began modern economic growth in earlier periods. The reason is that the leader countries rely heavily on their growth by using technology. But to continue to grow they need to develop new technology. Such new technology takes time to develop and this slows the rate of growth in leader countries. By contrast, follower countries can simply adapt and adopt the existing technology from the leader countries. This adoption process helps speed economic growth in these follower countries. The higher growth rate means that standards of living can improve significantly and help them catch up to the leader nations.
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Medical service by physicians
A) could be made a free good through universal health insurance. B) is a good for which the demand is completely inelastic. C) is a good for which there is no satisfactory substitute. D) would become a free good if physicians did not charge monetary fees. E) would cost some patients more in non-monetary terms than they now pay if physicians did not charge monetary fees.
Everything else held constant, when prices in the art market become more uncertain
A) the demand curve for bonds shifts to the left and the interest rate rises. B) the demand curve for bonds shifts to the left and the interest rate falls. C) the demand curve for bonds shifts to the right and the interest rate falls. D) the supply curve for bonds shifts to the right and the interest rate falls.