Summary23 - CHAPTER 23 SUMMARY 1 What is the difference between more-developed and less-developed nations Compared to the less-developed nations

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CHAPTER 23 SUMMARY: 1. What is the difference between more-developed and less-developed nations? Compared to the less-developed nations, developed nations have more well-developed goods and financial markets, relatively higher levels of education and health care, longer life expectancy, generally lower rates of population growth, higher rates of urbanization, and higher levels of per capita GDP. 2. What can less-developed countries do to improve their standards of living? Policies that increase the level of human capital, such as improving educational opportunities, along with policies that promote a commensurate increase in physical capital and productivity are helpful. In addition, the development of health services, transportation, and other aspects of social overhead capital promote economic development. 3. Is population growth good or bad for an economy? Relatively slow increases in population growth are probably more beneficial than rapid population growth. Slow rates of population growth lead to an increase in labor supply, which
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This note was uploaded on 09/14/2009 for the course ECON 304L taught by Professor Staff during the Fall '07 term at University of Texas at Austin.

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Summary23 - CHAPTER 23 SUMMARY 1 What is the difference between more-developed and less-developed nations Compared to the less-developed nations

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