If a country increased the production of its capital goods then Othe more unemplomed resources there will be in the future. the more unemployed resources there are today. the less consumption we can have today, but we will have more in the future. the more consumption of goods we can have today.
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- Suppose that Indonesia's national production function is Y = K 05L 05, where K is the amount of land and Lis the amount of labor. The economy starts when the amount of land owned is 100 units and the number of workers is 100 units. Calculate the following indicators. a. How much output is produced? b. What are the labor wages and land rent? c. What is the share of the output received by labor? d. If a natural disaster occurs that causes the population to be reduced by half, what is the new level of national output? e. What are the new rates of labor wages and land rent? f. What share of output does the labor receive now?What is the effect of an increase in the population? An increase in the population _______. A. increases the supply of labor and potential GDP B. increases the real wage rate, increases firms' costs, and decreases potential GDP C. increases the supply of labor, increases labor productivity, and increases the demand for labor D. increases the real wage rate and potential GDPIn his 2020 State of the Nation Address (SoNA), president of South Africa humbly noted... "Even if we [the government] were to marshal every single resource at our disposal, and engage on a huge expenditure of public funds,we would not alone be able to guarentee employment to the millions of people who are out of work". Without growth there will be no jobs,and without jobs there will be no meaningful improvement in the lives of our people". Using the South African SoNA 2020 as a reference,discuss the examples of the different ways that South African government intervenes in the economy.
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