Select all facts about convergence between 1960 and 2017? 0 If things continue as in the 1960-2017 period, we should eventually see all countries become rich. 0 0 0 Convergence occurs among countries with a high life expectancy. Convergence occurs among countries with a high level of education on average. Overall, we observe convergence in the world. Convergence occurs among OECD countries. Convergence always occurs among countries with the same economic characteristics. All countries that were poor in 1960 have grown faster over the 1960-2017 period than the countries that were richer.

Select all facts about convergence between 1960 and 2017? 0 If things continue as in the 1960-2017 period, we should eventually see all countries become rich. 0 0 0 Convergence occurs among countries with a high life expectancy. Convergence occurs among countries with a high level of education on average. Overall, we observe convergence in the world. Convergence occurs among OECD countries. Convergence always occurs among countries with the same economic characteristics. All countries that were poor in 1960 have grown faster over the 1960-2017 period than the countries that were richer.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 4P

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Similar questions

1.3 Economists who have studied economic growth find strong evidence for convergence among countries between 1980 and 2000................... (True/False)
The following table shows real GDP per capita for Canada, Taiwan, and Chad between 1970 and 2000. All figures are in 1998 U.S. dollars. Fill in the blank then choose an option(s). Those who don’t believe in the theory of convergence point to countries such as ___________ (options: Canada, Taiwan, Chad). hich of the following statements can explain why the theory of convergence may not always hold? Check all that apply. A. Convergence theory applies only to small countries. B. Rich countries actively try to keep poor countries poor through economic and military policies. C. Many poor countries have much less human capital than rich countries. The growth experience of Taiwan illustrates that relatively poor countries can __________ (options: be invaded by, grow more quickly than, always be much poorer than, grow more slowly than) rich countries.
what does the Solow model predict about “economic convergence” and do we see this in the data?
Please no written by hand Which of the following arguments favour the convergence theory? (Select all applicable answers.) a. Developing countries can learn from the mistakes and successes of developed countries. b. Developing countries tend to have more innovations. c. Technological advancement will help developed countries escape the law of diminishing returns. d. The law of diminishing returns implies that the more developed countries grows more slowly.
. Consider the following data for an economy. Year 1 2 Real GDP $56,000 $78,500 Population 200 263 a. Calculate the real GDP growth rate. b. Using the rule of 70, approximately how many years will it take the economy's real GDP to double? Calculate the standard of living in each of the years. C. d. e. Using the values determined in part c, calculate the standard of living growth rate. Without using the rule of 70, how many years will it take for the standard of living to triple?
Q)Consider three economies,each of which has GDP per capita of $100. Trend growth in these economies is 2%, 2.5% and 5% respectively. Calculate GDP per capita for each economy after 5, 10, 20, 50 and 100 years.
What question is Convergence Theory attempting to answer? What is Convergence Theory? Make sure and explain productivity levels vs. productivity growth rates and how these concepts relate to developed and developing countries.
If a country's initial real GDP is $54,504 and its yearly growth rate of GDP is 3.9%, use the Rule of 70 to determine approximately how many years it would take for this economy to double its GDP. Round your answer to two digits after the decimal.
Q4. Which of these statements best describes the speed of convergence between high income countries and the rest of the world? (Pick 1 answer) A. Convergence will occur over a period of several decades. B. Convergence will occur in 1-2 years. C. Convergence will occur in 3-5 years. Q12. In macroeconomics, the connection from inputs to outputs for the entire economy is called? (Pick 1 answer) A. an aggregate production function B. human capital C. physical capital
#1: A lower income economy starts off with a per capita GDP of $5,000. How large will the per capita GDP be if it grows at an annual rate of 2% for 10 years? 2% for 30 years? 4% for 10 years? 4% for 30 years? Explain why the difference between 2% and 4% growth matters? #2: List some arguments for and against the likelihood of “convergence”. What sorts of policies can governments implement to encourage convergence? #3: What determines how productive workers are? How do gains in labor productivity lead to gains in GDP per capita?
List some arguments for and against the likelihood of “convergence”. What sorts of policies can governments implement to encourage convergence?
In the last century, Tunisia’s Gross Domestic Product (GDP) has grown rapidly on average 5% per annum. However, as a result of the political, economic and geopolitical turmoil faced, the economic situation of the country has been affected since 2009. GDP per capita in 2009 was USD4130. While in 2017, GDP per capita Tunisia is USD3491. In a situation that remains the same, how many years will Tunisia be able to doubling the per capita GDP achieved in 2009?