Empirical evidence from 1960 to 2011 shows that convergence in economic growth is occurring in which of the following cases?
A) Low-income developing countries are catching up to high-income industrial countries.
B) Low-income industrial 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.
Question 2
A decrease in investment causes the price level to ________ in the short run and ________ in the long run.
A) decrease; decrease further B) increase; decrease
C) increase; increase further D) decrease; increase
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