Empirical Evidence from 1960-2012 Shows That Convergence in Economic Growth

question 109

Multiple Choice

Empirical evidence from 1960-2012 shows that convergence in economic growth is occurring in which of the following cases?

• A)Low income industrial countries are catching up to high income industrial countries.
• B)Low income developing countries are catching up to high income industrial countries.
• C)Low income industrial countries are catching up to high income developing countries.
• D)All low income countries are catching up to all high income countries.

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Definitions:

Cottage Industry

A small-scale industry where products are handcrafted in a home-setting, often involving traditional methods.

Division Of Labor

The allocation of different parts of a manufacturing process or task to different individuals or groups to improve efficiency and productivity.

Production

The process of combining various inputs like labor, capital, and raw materials to make goods or provide services.

Proprietor's Income

The income earned by the owner of a sole proprietorship from the business.