When looking at real world data, we see that the convergence theory:
A. holds nearly universally.
B. holds for some countries, but not others.
C. does not hold empirically.
D. was proved false.
B. holds for some countries, but not others.
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The Slutsky decomposition of the effect of the real wage on a person's labor supply decision suggests that the negative income effect of such a wage change will be larger: a. the smaller is the quantity of labor supplied and the smaller is the effect of non-labor income
b. the smaller is the quantity of labor supplied and the larger is the effect of non-labor income. c. the larger is the quantity of labor supplied and the smaller is the effect of non-labor income. d. the larger is the quantity of labor supplied and the larger is the effect of non-labor income.
If women are not allowed to vote or inherit wealth but men are, this is an example of
A. The liquidity trap. B. A gender trap. C. The disadvantaged trap. D. An inequality trap.