Question

The industrialized group of countries has growth rates that are consistent with the findings of theeconomic growth model. That is, Taiwan, Korea, and Singapore had ________ incomes in 1960than the United States and Switzerland, and Taiwan, Korea, and Singapore grew ________ than the United States and Switzerland between 1960 and 2009.A) greater; more rapidlyB) lower; less rapidlyC) lower; more rapidlyD) greater; less rapidly

Answer 1

C) lower; more rapidly

Step-by-step explanation:

Economic growth models explain the growth rate of the economy based on economic benchmark such as level of saving and productive capital. An important economic growth model is the Harrod-Domar economic growth model used in development economics to explain growth rate patterns.

In the above, an economic growth model is used to explain growth rates of industrialized nations in comparison to younger nations such as Taiwan. It shows that there is lower income in these younger nations at an early stage but growth rate increases rapidly with passage of time as compared to older and more industrialized nations.