Документ Microsoft Word - Name Mussa...

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Name: Mussa Yernur (individual work) ID: 20152379 Date: 28.10.15 Home Assignment #3 (5,15,35,40) Topic: Economic growth; Finance, Saving, and Investment, and Money, the Price level, and Inflation Problem #1 (Problem set #3, problem#5): Answers : a) According to Angus Maddison (2008), China had the largest economy because all other countries had the same type of economy and it was subsistence, therefore country which had the biggest population, would have the biggest economy. Also the Cultural Revolution in the 1960s, gave way to dramatic rises in the standard of living of a significant number of the population, through the movement to capitalism b) In 2008, Angus Maddison mentioned that The Industrial revolution radically changed the situation in the world’s economy, therefore West was sent on a more prosperous path. c) Now the world is returning to a common economy, this time technology- and information-based, so once again population triumphs. Angus Maddison's forecast (which uses purchasing power parity) isn't built on outlandish assumptions. He assumes China's growth will slow way down year by year, and America's will average about 2.6% annually, which seems reasonable. But because
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