According to modern growth theory,convergence in the level of wealth across countries depends mainly on
A) the acquisition of physical capital.
B) access to technology.
C) institutions.
D) natural resource availability.
E) skilled labor.

Question

Quizplus · Accepted Answer

Modern growth theory emphasizes the role of institutions in determining economic growth and convergence, as they shape incentives, property rights, and the overall environment for economic activity.

According to Modern Growth Theory,convergence in the Level of Wealth