It is argued that Institutional failure is the main reason for slow or lack of development countries.Discuss

1.Explain the following concepts,highlighting how they are measured.
(a)National Growth of a country
(b)National Income of a country
(c)Income inequality in a country
(d)Poverty Traps in a country
(e)Malthusian Trap (25marks)

2.(a)What are the characteristics of Developing countries? (12marks)
(b)It is argued that Institutional failure is the main reason for slow or lack of development countries.Discuss (13 marks)

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It is argued that Institutional failure is the main reason for slow or lack of development countries.Discuss

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