Asked by MUHAMMAD SUFYAN on Jun 04, 2024
Verified
In recent decades, economic growth has been much more rapid in South Korea than in the United States. What is the likely explanation for this fact?
Economic Growth
An increase in the production of goods and services in an economy over a period, typically reflected as a percentage increase in real GDP.
- Diagnose the causes contributing to the variation in economic growth rates across countries.
Verified Answer
VV
Vaughan van HeerdenJun 11, 2024
Final Answer :
The likely explanation is that South Korea's rapid growth is attributable to the catch-up effect.
Learning Objectives
- Diagnose the causes contributing to the variation in economic growth rates across countries.
Related questions
In What Sense Is It Likely That Geography Has an ...
One Reason That Governments May Find It Useful to Sponsor ...
Economist Michael Kremer Found That World Growth Rates Fell as ...
Mancour Olson Believes That Developed Nations Have Experienced an Eventual ...
Consider the Nations of India, Indonesia, and Japan ...