Countries with different initial levels of per capita income may gravitate to a similar level of per capita income.Economists call this phenomenon ________.
A)convergence
B)simulation
C)gravitation
D)depreciation

Question

Quizplus · Accepted Answer

The phenomenon described is known as convergence. This is the idea that poorer countries will tend to experience faster economic growth rates than richer countries, and will eventually reach a similar level of income per capita over time.

Countries with Different Initial Levels of Per Capita Income May