a. If people worked longer hours and, as a result, GDP per capita rose, how would you assess whether the country was ‘better off’? Demonstrate your answers.

b. If supply-side measures led to a ‘shake out’ of labour and a resulting reduction in overstaffing, but also to a rightward shift in the Phillips curve, would you judge the policy as a success? Prepare your answers.

c. Malaysia’s annual budget always increase year by year. Based on this situation, briefly explain why government need to control in order to ensure the budget deficits low.

Answer rating: 100% (QA)

A If the GDP is rising because of highly productive worker who work for longer hours then it means e... View the full answer