Convergence refers to the movement of countries toward
a. the same levels of per capita output growth.
b. the same levels of per capita output.
c. a constant rate of output growth.
d. the same capital-to-labor ratios.
e. both b and d.
E
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U.S. imports are
a. not added to U.S. GDP because they are produced abroad b. added to U.S. GDP because they are consumed domestically c. added to U.S. GDP because they represent an increase in inventories d. added to U.S. GDP as government purchases because the government decides what goods may be imported e. not added to U.S. GDP because they are intermediate goods
Asymmetric information is a situation in which ________
a. both buyers and sellers are equally uninformed, and both must invest in search in order to make an informed decision b. both buyers and sellers are fully informed c. one side of the market has more reliable information than the other side does d. one side of the market has identical reliable information as the other side