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1. Why is China still poor in per capita terms despite having the second-largest economy in the world in terms of real GDP? 2. What

1. Why is China still poor in per capita terms despite having the second-largest economy in the world in terms of real GDP?

2. What is productivity? List and explain three factors of production.

3. What is the relationship between savings, capital formation, and consumption?

4. What do you understand about the relationship between productivity and standard of living?

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