Which of the following best describes the idea of convergence?O A. Low-income countries are generally expected to grow more slowly than high-income countries.B. Low-income countries have started to grow too late and can never catch up to rich countries.C. Low-income countries will grow faster than rich countries and inevitably catch up.D. Low- and high-income countries will ultimately converge to the same democratic model of government.

All the countries in the long run reach their respective steady states.

Answered: Which of the following best describes…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following is the closest to the concept of economic development?a. economic growth accompanied by an improvement in the people’s quality of life.b. economic growth without improvement in the quality of lives of the people.c. economic growth due to increased GDP per capita.d. GDP per capita only.
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Problem 4 a) Prof Andrew described steady states as "horrible places to be." Was this claim absolute or relative? Do countries having steady states that are lower in the capital have worse living qualities? b) Imagine a world where there are "n" countries with different levels of capital, k. They all share the same saving level, birth rate, and the same GDP per capita function. The only thing that differs is their depreciation rate. In this world, how does the distribution of income in the short term and long term look like? Think about the shape it would take.
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Which of the following statements is true? Select one: a.Wealthy countries tend to score highest on the "least corrupt" scale. b.Poor countries are likely to remain poor because when one country's economy grows, it is at the expense of some other country's economy. c.Poor countries are poor because they lack resources. d.The pursuit of economic growth harms children by encouraging child labour industries and discouraging school attendance. In general, countries which are less corrupt by most international measures Select one: a.experience higher long term growth rates. b.have higher short term growth rates but are no different in the long run. c.have growth rates similar to more corrupt countries. d.are poorer than countries with higher levels of corruption. As GDP per person rises Select one: a.the number of children per family tends to fall. b.environmental quality falls and continues to fall. c.the incidence of child labour rises. d.the economy shifts towards more labour…

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