Countries with an Inadequately Trained Work Force and Few Entrepreneurs

question 166

True/False

Countries with an inadequately trained work force and few entrepreneurs often achieve the highest levels of income by relying on a large number of workers.
Poor countries often have plenty of labor and access to adequate capital.However,the two factors of production that are most critical in generating national wealth are entrepreneurship and knowledge.A country found lacking in these will experience relatively low levels of income.

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Definitions:

Empirical Economics

The branch of economics that analyzes data to develop verifiable theories or evaluate economic policies.

Economic History

The study of economies or economic phenomena in the past.

Aggregate Price Level

A measure of the overall level of prices of goods and services in an economy over a specified period, often used as an indicator of inflation.

Macroeconomics

The branch of economics that studies the behavior and performance of an economy as a whole, focusing on aggregate phenomena such as GDP, unemployment rates, and inflation.