Small differences in growth rates can create large differences in income levels because of:
A) specialization.
B) compounding.
C) the division of labor.
D) Say's Law.
Correct Answer:
Verified
Q17: Most economists explain China's growth after 1980
Q18: Modern macroeconomics developed as an attempt to
Q19: Other things equal, according to the Classical
Q20: We can show economic growth in terms
Q21: Specialization allows individuals to:
A)broaden their skill base.
B)become
Q23: Compounding means that changes in living standards
Q24: The effect of specialization and the division
Q25: Robert Lucas reflects the view of many
Q26: Markets help to promote growth by:
A)increasing specialization
Q27: The rule of 72 implies that a
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