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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Unit 2 Written Assignment Solution

Unit 2 Written Assignment Solution

Q Unit 2 Written Assignment Solution Prompt: Draw a graph of "catch-up" that shows where you would expect to see a country with low saving rates and low levels of health and education. How would you expect real GDP per capita to grow in a country like this? Explain.

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Countries with low saving rates and low levels of health and education are likely to have low levels of real GDP. Normally, countries with a low initial level of GDP will experience relatively high levels of growth in real GDP per capita (as shown at point A in the graph below). However, with low saving rates, firms do not have access to funds to invest in new factories, machinery, and equipment needed for economic growth.