Higher rates of real economic growth can allow a less-developed, low per capita income country to attain the same standard of living as a more developed, high per capita income country in a few years.

Question

Quizplus · Accepted Answer

While higher rates of real economic growth can significantly improve a less-developed country's economy, attaining the same standard of living as a more developed, high per capita income country typically requires sustained growth over a much longer period, often decades, due to the initial disparities in income, infrastructure, education, and technology.

Higher Rates of Real Economic Growth Can Allow a Less-Developed