Refer to Table 11-5. Consider the statistics in the table above in describing the industrialized countries. Are these consistent with the economic growth model? Briefly explain
What will be an ideal response?
These statistics for selected industrial economies are consistent with the economic growth model. The countries with the lowest levels of real GDP per capita in 1960 had the fastest growth rates between 1960 and 2000. The countries with the highest levels of real GDP per capita had the slowest growth rates.
You might also like to view...
Which of the following statements regarding the long-term equilibrium is TRUE?
A) As new firms enter a market, each existing firm increases the quantity it produces. B) Firms leave a market if they are making zero economic profit. C) Entry and exit stop when firms are making an economic profit. D) Entry and exit stop when firms make zero economic profit.
A firm practicing group price discrimination that has constant marginal cost will
A) maximize total profit by maximizing profit for each group separately. B) will charge the same price to all groups. C) will act like a monopoly and treat all groups the same. D) sets p = MC.