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The following table shows real GDP per person in a few countries over a period of about one century.
a.Does this data support the catch-up theory of economic growth? Explain your answer.
b.What additional information would be necessary when testing the catch-up theory?
Production Possibilities Curves
A graphical representation showing the maximum number of goods or services that can be produced with limited resources.
Specialize
The process by which individuals or entities focus on producing a limited range of goods or services to gain greater efficiency and productivity.
Export
The sale of goods or services from one country to another.
Production Possibilities Curves
A graphical representation that shows the maximum possible output combinations of two goods that can be produced with available resources and technology.
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