Why might better food and health care result in faster economic growth?
What will be an ideal response?
Ans: Economic growth is fostered by two main factors of production labor and capital. Labor is something that makes capital productive and similarly labor is able to produce more with the help of capital. However, labor is a services provided by workers who are living. They need a proper nutritional diet and healthy living and working conditions to stay productive. Poor health and working conditions reduces their productivity and this impedes the economic growth of the nation. Hence, for faster economic growth workers are required to have better food and proper healthcare.
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Refer to Table 4-8. If a minimum wage of $9.50 is mandated there will be a
A) surplus of 20,000 units of labor. B) surplus of 10,000 units of labor. C) shortage of 10,000 units of labor. D) shortage of 20,000 units of labor.
If voters A, B, and C have the following demand curves for a public library Pa = 5 - Q, Pb = 10 - 2Q, and Pc = 15 - 3Q, then social demand for a public library is:
A. P = 15 - Q. B. P = 30 - 6Q. C. P = 6 - 30Q. D. P = 30 - 3Q.
Which of the following accurately represents income earned by all factors of production?
A. national income B. disposable personal income C. personal income D. wages and salaries
Refer to the given information. On the basis of its balance of payments position, and other things equal, we can expect the international value of Zippo's currency to:
The plus items below are “export-type” entries and the minus items are “import-type” entries in the balance of payments for the hypothetical country of Zippo.
A. increase.
B. decrease.
C. remain constant.
D. gyrate up and down.