i) Why is productivity related to the standard of living? In your answer be sure to explain
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(ii) The catch-up effect says that countries with low income can grow faster than countries with higher income. However, in studies that include many diverse countries, we do not observe the catch-up-effect unless we consider other variables that affect productivity. Considering the determinants of productivity, list and explain some things that would tend to prohibit or limit a
poor country’s ability to catch up with the rich ones.
(iii) Why are property rights important for the growth of a nation's standard of living.
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