Strategy to Address Dependence on Foreign Workers, Labour Market Demands

question 258

Multiple Choice

Strategy to Address Dependence on Foreign Workers, Labour Market Demands The prime minister of Malaysia announced his government's "immediate focus would be to enhance skills development and improve the quality of education." By "the constant upgrading of skills of the country's workforce" he hoped to improve the country's "global competitiveness and raise average incomes of workers."
Www) thestar.com.my 11/21/2008
The long-run benefit of enhancing "skill development and improve....education" is to

• A) improve property rights.
• B) increase labor supply.
• C) speed economic growth.
• D) smooth the growth of labor productivity.

Explain the impact of taxes on market equilibrium, price, and quantity.

Understand the concept of tax incidence and how the tax burden is distributed between buyers and sellers.

Evaluate the effects of subsidies and how they differ from price controls.

Comprehend how taxes affect supply and demand curves and market equilibrium.

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Definitions:

Freight Train

A train that is used for transporting goods, cargoes, and commodities rather than passengers.

Producing

The process of creating goods or services that can be sold or used, often involving raw materials, labor, and machinery.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs.

Unattainable

Refers to goals, objects, or conditions that cannot be achieved or reached, often due to existing limitations.