Question
Economic growth is a necessary but not sufficient condition for improving the living standards of large numbers of people in countries with low levels of
Economic growth is a necessary but not sufficient condition for improving the living standards of large numbers of people in countries with low levels of GDP per capita. a) Why do you think it is necessary but not sufficient? (10 marks) b) Why it might be possible that a country with a lower ratio of capital to labour might grow slower than a country with a higher ratio? (10 marks) c) Think of a feature that can affect economic growth of a country as a potential barrier or benefit. If it's a barrier, what policy you could think to overcome the barrier?
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