Exam (elaborations)
ECS3709 Assignment 5 (COMPLETE ANSWERS) Semester 2 2024 - DUE 24 October 2024
- Course
- Institution
100% TRUSTED WORKINGS, EXPLANATIONS & SOLUTIONS
[Show more]
Seller
Follow
Tutorials
Content preview
ECS3709 Assignment 5(COMPLETE ANSWERS)
Semester 2 2024 - DUE 24
October 2024
CONTACT: biwottcornelius@gmail.com
, ECS3709 Assignment 5 (COMPLETE ANSWERS)
Semester 2 2024 - DUE 24 October 2024
CONTACT: biwottcornelius@gmail.com
SECTION A [20 Marks] A1 Comparative Living Standards,
Savings, and Economic Growth (a) Discuss how the
measurement of living standards between countries can
influence our understanding of economic growth. (6) (b)
Using real life examples, explain the role of savings in
promoting economic growth and how differences in
savings rates between countries might affect their long-
term growth prospects. (4) A2 Technological Progress,
Unemployment, Inequality, and Economic Growth
Questions (a), (b) and (c) are based on the following
table: (a) Using the data provided in the table, discuss the
relationship between technological progress and
economic growth. (6)
A1 Comparative Living Standards, Savings, and Economic Growth
(a) Measurement of Living Standards and Economic Growth (6 marks)
The measurement of living standards between countries helps economists and policymakers
understand how well citizens in different nations are doing in terms of income, consumption,
health, and overall quality of life. The most common measures include Gross Domestic Product
(GDP) per capita, the Human Development Index (HDI), and purchasing power parity
(PPP) adjustments. These metrics influence how we assess economic growth because they
highlight different aspects of a country’s economic performance:
GDP per capita measures the average income per person, which can indicate the
country's level of wealth and productivity. However, it doesn’t capture income inequality
or non-monetary aspects of welfare, such as health and education.
Human Development Index (HDI) includes factors like life expectancy, education, and
standard of living. It provides a more comprehensive view of well-being but may mask
economic inequalities within countries.
Purchasing Power Parity (PPP) adjusts for the cost of living across different countries.
It provides a more accurate comparison of living standards by accounting for the relative
cost of goods and services in each country.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Tutorials. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.50. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now