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.

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.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 10SCQ: What are the advantages of backwardness for economic growth?

See similar textbooks

Similar questions

Logically Explain these parts: (a) Explain idea of convergence or catching-up effect in detail? (b)How poor countries can sustain high growth and development? (Note: Your answer should be in bullets)
What are the advantages of backwardness for economic growth?
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.
structure.com/courses/537/quizzes/4126/take O labor productivity growth. O per-capita output growth. output growth. Question 12 Convergence theory suggests that gaps in national incomes O tend to close over time. O widen over time. O do not seem to change over time. are irrelevant in global economies. Question 13 Labor productivity can increase even if the labor force increases. OTruc arch
6. How do Marxist and Neo-Marxist models explain the reasons why the underdeveloped countries cannot catch the rich countries? By summarizing the models, explain the extent that the current global order (developed countries) prevents poor countries to catch up the rich countries. At what points can you criticize these models?
6. How do Marxist and Neo-Marxist models explain the reasons why the underdeveloped countries cannot catch the rich countries? By summarizing the models in our textbook, explain the extent that the current global order (developed countries) prevents poor countries to catch up the rich countries. At what points can you criticize these models?
Which of the following is not a factor in why we would expect convergence to occur? A. High marginal product of capital in poor countries B. Technology transfer C. High marginal product of capital in rich countries D. The ability of poor countries to attract more capital
11. The table below shows the average income per person in two countries in 1900 and their subsequent growth rates. Country Argentina Growth rate from 1900 to 2010 Income per person in 1900 $2756 $2758 1.03% Canada 2.19% The growth rates are only slightly different so maybe we should expect that they end up with similar, but not identical final incomes but they didn't. What was the absolute value of the difference in their incomes per person in 2010?
The Rule of 70 is used to Select one: A. calculate the standard of living. B. estimate how much of an economy's growth rate is attributable to increases in capital per hour of labour. C. estimate how much of an economy's growth rate is attributable to technological advance. D. estimate how long it will take the level of any variable to double. O E. calculate the economy's growth rate.
Solo growth model questions 1.) a. In a Solow growth model that is expressed in per capita terms, what happens to the marginal product of capital as an economy's capital/labor ratio increases? b. In a Solow growth model that is expressed in per capita terms, when an economy is in its steady state, what do you expect to happen to the capital-labor ratio? c. In a Solow growth model that is expressed in per capita terms, what happens to the capital/labor ratio when the savings rate rises? d.In a Solow growth model that is expressed in per capita terms, what happens to the capital/labor ratio when economywide productivity (this is our "A" variable) rises?
1. New growth theory (i.e., endogenous growth theory developed by 2018 Nobel Prize Links to an external site.winner Paul Romer Links to an external site.) is the theory that: Group of answer choices a. our unlimited wants will lead us to greater productivity and perpetual economic growth due to choices in pursuit of profits. b. when a decrease in labor productivity decreases real GDP per person the new prosperity brings a population explosion. c. the population contraction brings real GDP per person to a higher level. d. the clash between an exploding population and limited resources will eventually bring economic growth to an end.
Please help reply to this discussion . needs to be a minimum of 150 words. thank you "Free market economies stimulate economic growth because the entrepreneur has incentive to work, that is, profit. When a business owner can obtain the rewards of their hard work, they are instantly more motivated than if they cannot. In a state-directed economy, whether or not the business is doing well, the person running the business will make the same amount of money. If the business does really well, the person in charge will not receive the same benefit as they would if it was their own enterprise. Another reason that free market economies stimulate growth is because they allow supply and demand to create competition, which helps ensure that the best goods and services are provided to consumers (Investopedia, 2023). Without competition, a company can monopolize a market with little incentive to innovate their product. People may still purchase said product but that's because it's the only one…