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.

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.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter17: Growth And Less Developed Countries

Section: Chapter Questions

Problem 8SQP

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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
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According to investopdia.com,a steady-state economy is an economy structured to balance growth with environmental integrity, seeking to find an equilibrium between production growth and population growth. This type of economy aims for the efficient use of natural resources but also seeks a fair distribution of the wealth generated from the development of those resources. Is this type of economy more plausible than continued, unlimited economic growth? Why or why not?
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