September 2023 Business Finance Assignment
in a short legibly written answer (essay-type) 120 words each.
1. “The accelerating growth of useful scientific, medical and technological knowledge since1750 or so has affected the world more than all other social and political changes takentogether. It has led to a revolution in the human condition that has swept the world, and tothe greatest advance in the welfare of the world’s population ever achieved in such ashort space of time.” (Joel Mokyr) Discuss
2. In the 1960s, the average United States citizen measured in purchasing power was 33times richer than the average citizen of China (or up to 70 times as rich if measured atprevailing currency exchange rates). Both nations are large continental land masses withlarge populations, and as nations had historically virtually nothing to do with each other tothat time. So why were United States citizens so much richer? Discuss. Also, discusshow and why this ratio has changed since the 1960s and what the prospect for this ratiofor the future is.