What is the result of differences in sustained economic growth rates over time?
a. Countries will eventually become economically equal.
b. Some countries will become richer than others over time.
c. Countries will stay at their current approximate levels of wealth.
d. The differences between the wealth of countries will shrink, but not disappear.
b. Some countries will become richer than others over time.
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If the demand and supply curves for a commodity both shift to the left by the same amount, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a higher price quantity. B) the same price and a higher quantity. C) the same price and a lower quantity. D) a lower price and a higher quantity.
If both firms in a duopoly cheat on a collusive agreement, the price ________ and both firms are ________
A) falls; better off B) rises; worse off C) falls; worse off D) rises; better off