Convergence refers to what phenomenon regarding growth theory?
What will be an ideal response?
Convergence refers to the phenomenon where the levels of output per capita for countries tend to move closer to one another over time. This implies that countries that start with relatively lower levels of output per worker catch up to other countries and, in some cases, actually pass other countries.
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Historical note: Since the end of World War II, the U.S. economy has experienced
a. no recessions b. one recession c. approximately one recession each year d. 100 recessions e. 11 recessions
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C