Multiple Choice
According to the convergence theory, compared to advanced economies, what should be the outcome in less-developed economies?
A) Less-developed economies should grow faster than advanced ones because of the ability of the less-advanced economies to copy new technology.
B) The growth rates of all economies should converge because, in the long run, all resources are alike.
C) Less developed economies should grow slower than advanced ones because they CANNOT copy new technologies.
D) The growth rates of all economies should converge because, in the long run, basic research and applied research converge.
Correct Answer:

Verified
Correct Answer:
Verified
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