Answer the following options: (Q#7) What is the connection between education and the economic standard of living for any country? (a) They are closely related. Education (and job training) enhance labor product- ivity, which also raises national production at the collective level. (b) They are largely unrelated. Education serves a goal of personal improvement and allows one person to out-compete others for the best jobs.
Answer the following options:
(Q#7) What is the connection between education and the economic standard of
living for any country?
(a) They are closely related. Education (and job training) enhance labor product-
ivity, which also raises national production at the collective level.
(b) They are largely unrelated. Education serves a goal of personal improvement
and allows one person to out-compete others for the best jobs.
Q#8) Until recently, the economy in China has grown steadily due to the deliberate
emphasis on low skill – low wage factory labor methods. However, China’s
economic standard of living is still comparatively low. To achieve a U.S. or
German standard of living what should be done?
a) China should continue to stress low skill labor intensive methods of production
that will fully employ its large labor force
b) China should shift to more advanced and capital intensive methods of produc-
tion that emphasize human and knowledge capital
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