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ECS3709 Assignment 5 (COMPLETE ANSWERS) Semester 2 2024 - DUE 24 October 2024

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  • Grado
  • Applied Macroeconomics (ECS3709)
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  • University Of South Africa (Unisa)
  • Book
  • An Applied Approach to Microeconomics

ECS3709 Assignment 5 (COMPLETE ANSWERS) Semester 2 2024 - DUE 24 October 2024; 100% TRUSTED Complete, trusted solutions and explanations. For assistance, Whats-App 0.6.7-1.7.1-1.7.3.9. Ensure your success with us... SECTION A [20 Marks] A1 Comparative Living Standards, Savings, and Economic Growth...

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  • 21 de octubre de 2024
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ECS3709
Assignment 5 Semester 2 2024
Detailed Solutions, References & Explanations

Unique number: 367713

Due Date: 24 October 2024
SECTION A

QUESTION A1

(a) How the Measurement of Living Standards Between Countries Influences
Understanding of Economic Growth

The measurement of living standards, typically through indicators such as Gross Domestic
Product (GDP) per capita, Human Development Index (HDI), and purchasing power parity
(PPP), can significantly affect our understanding of economic growth. GDP per capita is widely
used to compare economic output per person, but it overlooks inequality, quality of life, and
environmental sustainability. For instance, while the United States has a high GDP per capita,
inequality and healthcare access issues temper the overall living standards for certain
populations. On the other hand, countries like Norway, which ranks high on the HDI due to




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