Read the article under the title Why Are Some Countries Rich and Others Poor? to answer the following
questions. You are required to answer the questions in your own words based on your understanding from
the article (it is uploaded in Problem Set 1 folder on elms ).
• Why is GDP per capita used as an estimate of the average standard of living in a country?
• Why is economic growth key for countries who want to escape poverty?
• How do institutions increase total factor productivity (TFP) and create incentives for economic growth?
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Rs 1600 lent at a compound interest of 5% per annum, compounded half yearly for one year will amount to:
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