Suppose there are two countries, Durania and Depechia. Durania possesses a more advanced technological level than...
Suppose there are two countries, Durania and Depechia.
Durania possesses a more advanced technological level than Depechia.
How will these two economies perform differently? Explain.
Homework Answers
Let us assume that other than technology every other factor is constant between both countries . Better technology means more efficient production of both consumer and capital goods with better utilization of resources . As depreciation rate is same , so as savings and investment so better technology will lead to more production in same time and using same resources . So Durania will grow at a higher rate , more GDP , better standard of living etc than Depechia .
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