Name: Econ 202 - Principles of Macroeconomics Chapter 12 (25) Homework Problems - Production and Growth 1. Explain why highly industrialized nations (like the U.S.) often have slower annual percentage growth in GDP than developing countries (like China). 2. Why is productivity (output per worker) is the major determinant of living standards (rather than the total size of GDP). 3. Why is Savings an important determinant of long run economic growth? Who would gain (and who would lose) if the U.S. saved more right now? 4. Why are property rights essential to economic growth