03 Jul Essay
I have 2 Questions, each question should be 2 pages, and the answers should be from the book. these are the the two questions:
1- What is the meaning of development in your own way? What is economic growth and how does it relate to structural change. Is it possible to have growth without development or development without growth? Explain. How and why did the concern with development arise and which countries were deemed to be in need of development?
2- Given the basic equation of macroeconomics: GDP=Y=C+I+G+X-M. Define savings and explain its relationship to Investment Spending. Why would Savings and Investment be central to any theory of long run growth and development? What specific challenges would this present to developing countries and what strategies might a developing country undertake to overcome this challenge?
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