Question: Productivity

1. Briefly explain why different countries have different standard of living?
2. Explain in details how savings affect future productivity and standard of living
3. Give an example that illustrates diminishing marginal returns to capital. Please make sure that it is your own example and not the one from the notes or found online.
4. Explain how ‘diminishing marginal returns to capital’ property allows poorer countries eventually to catch with rich countries in their standard of living.
5. Explain why natural resources sometimes benefit the country and sometimes make it more difficult for the country to achieve high standard of living
6. Explain how technological advancement can benefit and hurt economy at the same time

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