If two countries begin trade and both produce a product subject to external economies of scale, then the country with the ________ rate of production will ________ production until it controls ________ of the market

Which of the following is a reason why the growth rates of high-income countries can be lower than that of low-income countries?

a. In high-income countries, the invention of new technology is difficult, expensive, and time consuming. b. In high-income countries, the invention of new technology is subject to diminishing marginal returns. c. In high-income countries, the marginal cost of production increases as output increases. d. In high-income countries, the average cost of production increases as output increases.

When a government spends more than it earns in revenue, we say that it has a:

A. budget surplus. B. budget deficit. C. budget crisis. D. federal debt.