Which of the following correctly describes convergence theory?
a. The rate of economic growth in less and more developed countries will be approximately the same.
b. The productivity of skilled and unskilled workers will converge to the same value over time.
c. Economies around the world will become more similar over time as less-developed countries grow faster than highly industrialized countries.
d. The rate of economic growth in highly-developed countries will continue to outpace that of less-developed countries.
c
You might also like to view...
At any point below the current LM curve there is an
A) excess demand for money. B) excess supply of money. C) excess demand for goods. D) excess supply of goods.
Which of the following is true with regard to the supply of money?
A) an open market sale of government securities will increase liquidity B) an open market purchase of government securities will decrease liquidity C) liquidity and the money supply are directly related D) all of the above E) none of the above