GDP provides substantial information about an economy's income distribution

Which of the following strategies does your text suggest would allow a poorer nation to "catch up" to richer nations?

A) Unionization B) Higher minimum wages C) Lower interest rates D) Adoption of advanced technology E) Minimizing imports and maximizing exports

As a person's wage rate increases, the substitution effect motivates an increase in work and the income effect motivates a decrease in work

Indicate whether the statement is true or false