# Chapter 9- Long-Run Economic Growth

Indicate whether the statements are true or false.

a. In the 19th century, countries with the highest per capita GDP were nearly always abundant in minerals and productive farming land.
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Which of the statements best describes the idea of economic convergence?

Wages for all workers worldwide will eventually converge to equal levels.

In a supply and demand diagram, the preferences of producers and consumers converge on the equilibrium point.

Lower GDP per capita countries will catch up with higher GDP per capita countries.

The salaries of men and women will one day be equal.
The average rate of growth for slow-growth countries is around 2% per year, and for fast-growth, greater than 5% per year.

Suppose the growth rate of the economy is 2%. The size of the economy roughly doubles every

20 years.
10 years.
35 years.
5 years.
50 years or more.

If instead the growth rate is 7%, the doubling time for the economy is
10 years.
20 years.
35 years.
5 years.
50 years or more.