3. Within the context of some of the models discussed in class, please explain how restrictions on the free flow of labor and/or capital across regions might: Hinder economic convergence • Minimize overall economic productivity
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- 4. As capitalism emerged why, from the perspective of the capitalist, were the inherited forms of the labour process severely deficient?Consider an economy consisting of traditional cottage industry with perfect competition andincreasing returns to scale manufacturing industry where urban dweller's demand may be moreconcentrated in manufactured goods in which a minimum of workers has to be employed givingrise to a different production functions for both industries. Wage rate may significantly varybetween cottage and manufacturing industry along with identical market price.How does industrialization create market failure so that public policy should initiate toswell the process of economic uplift? Even if there is homogeneity of wage rate betweentraditional cottage and manufacturing industries, Is there any way multiple equilibria may existwhen many product sectors invest at a time. Why or why not?Which of the following description best characterizes capitalsm? a)Society decides what,how and for whom to produce b)Ownership of the means of production resides with a small group of individiual. c)it is an economic system based on individuals goodwill toward others
- Consider the production functions represented in Fig 7a. When an economy moves from Point S to Point V, what change could have caused this move? Technology 3 Technology 2 Technology 1 Output per Capita O G₂ " 5 Fig. 7a ---- R S U V W C₁ C₂ C₂ Capital (physical and human) a. an increase in the quantity of output b. capital deepening c. diminishing marginal product d. technological progressI am having a problem with these four problems webdav/pid-1221589-dt-content-rid-8618514_1/courses/1678.201780/Assign2.pdf + Automatic Zoom : 19. Technological progress helps increase the productivity of labor, defined as the number of units of output produced per hour of labor. A rise in the productivity of labor in the production process, ceteris paribus, will cause A) the demand for the output to increase. B) the demand for the output to decrease. C) the supply of the output to increase. D) the supply of the output to decrease. E) None of the above is correct. Q Search 20. An economic recession with a decline in household incomes will negatively impact all retail businesses. A) True B) False 21. If we assume that the current equilibrium wage for low-skilled labor is $8 per hour and the minimum wage is increased from $5.75 to $7.25 per hour, then A) unemployment among low-skilled workers will increase. B) unemployment among low-skilled workers will remain unaffected. C) unemployment…Which of the following is correct? a)A decrease in theproductivity of labour leads to economic growth. b)An increase in thequantity of labor always leads to economic growth. c)Increased educationadds to the stock of human capital, not unlike building factories adds to thestock of physical capital. d)Third World countriesare rich in human capital.
- Which of the following does not exemplify the globalization of education? A. Countries are striving to develop “world-class universities” for a global knowledge economy B. Cooperation among universities to advance knowledge frontiers and promote social and cultural similarity C. Higher educational institutions become agents of globalization D. Shift to K to12 basic education in the PhilippinesWhich is microeconomics or macroeconomics? a) A comparison of alternative tax policies and thier respective impacts on the rate of the nation's economic growth b) the effect of government regulations on car emissions c) the decision by Mc Donalds to hire fewer workers becuase of an increase in the minimum wage d) the stock market plunges by 1000 points due to uncertaintyUsing a simple model of the Production Possibilities Curve (PPC), label points that show inefficient, and efficient, unattainable production. What are the major assumptions of the underlying the model?b. Use a second model to illustrate the difference between economic expansion and economic growth.
- (a) Explain the characteristics of the production function used in the Heckscher-Ohlin (H-O)model. (b) Explain with the help of a graph how we can determine the specific combination oftwo goods that can be produced in the economy in the H-O model.Figure 2 represents the Texas labor market. In this simplified model, labor and capital are the only factors of production. The initial supply of labor is denoted by S0 and consists entirely of U.S. workers. The demand for labor is denoted by D. Quantity of workers are in thousands and the wage rate is for a 40-hour workweek. (a) At labor market equilibrium, what is total weekly labor income? (b) At labor market equilibrium, what is the weekly income earned by U.S. capital owners? (Note: the capital owners are on the demand side – the demand curve reflects their demand for labor -- so the consumer surplus is the capital owner’s income.) Mexican labor migration yields a new labor supply curve, S1, which is the combination of domestic labor supply and Mexican labor. Given this: (c) What is total weekly labor income?(d) What is the weekly income earned by U.S. capital owners?____________ is a term which refers to the widespread use ofpower-driven machinery and the economic and social changes that resulted in thefirst half of the 1800s. a)Industrial Revolution b)Capital deepening c)Living standard d)Technology