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.

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Definitions:

Reference Pricing

A type of psychological pricing in which a lower-priced item is compared to a more expensive brand in hopes that the consumer will use the higher price as a comparison price.

Price Skimming

A pricing strategy involving setting an initially high price before gradually lowering it over time as the product's novelty wears off.