Long-run economic growth can alleviate the problems of poverty by... O a. Increasing future consumption for the middle class. O b. Creating new low-paying jobs for the unemployed. O c. Requiring increased national saving. O d. Reallocating income away from low-to high-value production. e. Generating more resources that can be used to reduce income inequality
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- Are these micro or macro questions ? v) How large is KFC’s share of the fast food industry? (vi) How will implementation of a minimum wage rate affect your 17 year old brother’s budget?Why dues productivity growth in high-income economies not slow down as it runs into diminishing returns from additional investments in physical capital and human capital? Does this show one area where the theory of diminishing returns fails to apply? Why or why not?An economy starts off with a GDP per capita of 5,000. How large will the GDP per capita be if it grows at an annual rate of 2 for 20 years? 2 for 40 years? 4 for 40 years? 6 for 40 years?
- College students sometimes work as summer interns forprivate firms or the government. Many of these positions pay little or nothing. a. What is the opportunity cost of taking such a job? b. Explain why students are willing to take these jobs. c. If you were to compare the earning later inlife of workers who had worked as interns and those who had taken summer jobs that paid more, what would you expect to find?Suppose Americans decide to save more of theirincomes. If banks lend this extra saving to businessesthat use the funds to build new factories, how mightthis lead to faster growth in productivity? Who doyou suppose benefits from the higher productivity? Issociety getting a free lunch?a. If “everyone used to be poor,” then how did some ancient civilizations afford to create massive buildings such as the pyramids of Egypt and the Buddhist statues of Afghanistan? "Everyone used to be poor" is a general statement regarding economic history with some notable exceptions, namely the civilizations that produced these monuments. Ancient civilizations lasted for hundreds of years. The political stability afforded by such longevity outweighed the lack of wealth these civilizations had. Ancient civilizations usually operated under a single ruler, allowing for more efficient allocation of resources than under decentralized power structures such as democracy or competitive markets. Civilizations that controlled many poor people could concentrate their limited wealth and labor resources toward one giant project.
- Which of the following are microeconomicissues? Which are macroeconomic issues?a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi Cola sold?b. What will cause the nation’s inflation rate tofall?c. How does a quota on textile imports affectthe textile industry?d. Does a large federal budget deficit reduce therate of unemployment in the economy?Show that, when using a traditional economic production function,doubling our population can double our output if capital stocks alsodouble. Use the production function: Q = AK L , where A representstechnology in an economy, K capital, and L labor. Double K and L andshow that Q also doubles, assuming α=β=1/2. Now show that, when we incorporate natural capital into thediscussion, doubling the population does not increase output in thesame way (since natural capital cannot also grow). Use theproduction function: Q = AK L N , where N is natural capital. DoubleK and L and show that Q less than doubles, assuming α=β=γ=1/3.Since the end of World War II, manufacturing firms in the United States and in Europe have been moving farther and farther outside of central cities. At the same time, firms in finance, insurance, and other parts of the service sector have been locating near downtown areas in tall buildings. One major reason seems to be that manufacturing firms find it difficult to substitute capital for land, whereas service-sector firms that use office space do not. a. What kinds of buildings represent the substitution of capital for land? b. Why do you think that manufacturing firms might find it difficult to substitute capital for land? c. Why is it relatively easier for a law firm or an insurance company to substitute capital for land?
- Based on the given scenario, answer all the questions. Consider a world composed of two countries, U.S as Home and Malaysia as Foreign. U.S and Malaysia both are producing two goods for machines and pants. Assume that Malaysia is capital abundant and machines are capital intensive. a) What is(are) the factor of production that used in the production? b) With a help of a diagram, explain how the change in the relative price of goods alter the distribution of income [Hints, normally use relative price of goods for capital abundant or labor intensive]. c) With a help of a diagram, explain how levels of output change when the economy’s resources change [Hints, normally use relative price of goods for capital abundant or labor intensive].Why are some countries today much poorer than other countries? Are today’s poor countries destined to always be poorer than today’s rich countries? If so, explain why. If not, explain how today’s poor countries can catch up or even pass today’s rich countries.Anawer the ff. questions. 1. How can industrialization or innovation help end the poverty cycle? 2. How can infrastructure development and industrialization be more inclusive of Indigenous perspectives and rights? 3. How does government corruption affect infrastructure development and industrialization?