CH 32

Question 1

economy of a country that has demonstrated the ability to catch up to the technology leaders by investing in both physical and human capital

Answer 1

converging economy

Question 2

the economies of Taiwan, Singapore, Hong Kong, and South Korea, which maintained high growth rates and rapid export-led industrialization between the early 1960s and 1990 allowing them to converge with the technological leaders in high-income countries

Answer 2

East Asian Tigers

Question 3

a series of studies that show, statistically, that 70% of the differences in income per person across the world is explained by differences in physical capital (savings/investment)

Answer 3

growth consensus

Question 4

nation with a per capita income of $12,475 or more; typically has high levels of human and physical capital

Answer 4

high-income country

Question 5

a nation that has a per capita income of less than $1,025; a third of the world’s population

Answer 5

low-income country

Question 6

a nation with per capita income between $1,025 and $12, 475 and that has shown some ability, even if not always sustained, to catch up to the technology leaders in high-income countries

Answer 6

middle-income country