Which of the following best describes the idea of convergence?O A. Low-income countries are generally expected to grow more slowly than high-income countries.B. Low-income countries have started to grow too late and can never catch up to rich countries.C. Low-income countries will grow faster than rich countries and inevitably catch up.D. Low- and high-income countries will ultimately converge to the same democratic model of government.

All the countries in the long run reach their respective steady states.

Answered: Which of the following best describes…

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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Which of the following is true about the sources of economic growth after the Civil War? a. Growth of the labor force and increased productivity became increasingly important sources. b. Productivity gains in cotton production and expansion of the use of land became increasingly important sources. c. Expansion of the use of land and capital became increasingly important sources. d. Economic growth accelerated in the 20th century compared to the early 19th century..
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