The Convergence Hypothesis

question 190

Multiple Choice

The convergence hypothesis:

• A)apparently applies only to wealthy countries.
• B)seems to hold only when other things such as education and infrastructure are held equal.
• C)suggests that relatively poor countries will continue to be poor regardless of their level of saving.
• D)states that countries' growth depends upon the amount of government intervention in the marketplace.

---

Definitions:

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing between options.

Tuition

Tuition refers to the fee paid for instruction or teaching, typically charged by educational institutions such as colleges and universities.

Marginal Cost

The cost incurred from producing one additional unit of a product or service.

Renaissance Fair

A festival that recreates the atmosphere of the European Renaissance with performances, arts, crafts, and food reflective of the time period.