What policies can a government undertake to achieve faster economic growth?
What will be an ideal response?
There are several policies a government can undertake. First the government must insure that the preconditions for growth are present. The government must insure that economic freedom exists, that property rights are enforced, and that markets are free. After these crucial preconditions are in place, the government can create incentive mechanisms to save, invest, and innovate; can encourage saving; can encourage research and development; can encourage international trade; and can improve the quality of education.
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A problem with measuring the factor shares to determine scarcity or abundance is that:
a. it is very hard to count workers in some nations. b. estimates are very unreliable. c. the quantity of a factor may not be as important as its productivity. d. scientists disagree over the method by which to compute "share.
People who are not employed and are not actively looking for work, because they are fairly certain they could not find a satisfactory job, are counted by the BLS as
A) involuntarily employed. B) neither employed nor unemployed. C) unemployed members of the labor force. D) voluntarily unemployed.