4226EconomicsMedium
Which of the following statements is true?
ACountries have great variance in both the level and growth rate of GDP/person thus poor countries can become relatively rich over time
BCountries may have different level of GDP/person but they all grow at the same reate
CCountries all have the same growth rate and level of output because any country can obtain the same factors of production
DCountries may have a different growth rate but they all have the same level of GDP/person
Correct answer
A. Countries have great variance in both the level and growth rate of GDP/person thus poor countries can become relatively rich over time
Explanation
The correct answer is Countries have great variance in both the level and growth rate of GDP/person thus poor countries can become relatively rich over time.