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Whether the countries with cutting-edge or those with catch-up growth grow faster.
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Explanation of Solution
They invest more capital to achieve the cutting-edge growth which the catch-up countries will easily imitate. Thus, the catch-up countries will grow faster than the cutting-edge growth countries.
Concept introduction:
Economic growth: The economic growth is the increase in the overall goods and services produced per head in the economy over a specific period of time.
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Chapter 8 Solutions
EBK MODERN PRINCIPLES OF MICROECONOMICS
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