Answered: Poverty is endemic in some PICs such as…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Poverty is endemic in some PICs such as PNG, Solomon Islands and Fiji to some extent. What do you think would be the best way to address the problem? Countries that have low/poor primary to secondary linkage can look towards the services sector such as tourism, IT services and/or health services for economic growth. This is particularly true when terms of trade for agricultural products continue to decline. Comment vis-à-vis PIC economies. You may pick on any country among PICS that you are familiar with. c) Consider a scenario where inequality between social groups (ethnic/religious/regional) is increasing as the economy grows. What are some short-term and long-term policy options for the government? You may cite some local examples to support your answer. d) Explain the pros and cons of minimum wage in developing economies such as Fiji. Unreliable and costly utility services (such as water and Electricity) in PICs are source of serious concern for these small economies due to falling productivity and efficiency. Provide a commentary to suggest some solutions to this problem.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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