Intermediate Microeconomic Theory II Practice

1. Why there are some countries are rich but some countries are poor? 2. Based on the below diagram, evaluate why is the United States richer in 1960 than other nations and able to grow at a steady pace thereafter?

USA South Korea UK Spain Brazil Singapore Guatemala log gap per capita Botswana India Nigeria CO 1960 1970 1980 1990 2000 year Figure: The evolution of income per capita 1960-2000