Question 1, Question 5a,bQuestion 6a, b

acturing PROBLEMS AN LICATIONS Most countries import substantial amounts of goods and services from other countries Wet die chapter says that a nation ingeconomy org/country! these two facts? can enjoy a high standard of living only if it can produce a large quantity of goods and services itself Canyou reconcile 2 List the capital inputs necessary to produce each of the following a. cars b. secondary education c. air travel d. fruit and vegetables 3 SA income per person today is roughly four times what it was a century ago. Many other countries have also experienced significant growth over that period. What are some specific ways in which your standard of living is likely to differ from that of your great-grandparents? come in the 4 The idea of creative destruction suggests that economic growth through changes in technology can have winners and of real GDP losers. What firms or industries have declined or disappeared as a result of new technologies in South Africa? How might the government manage the effects of creative destruction on those negatively affected by the process? 5)To what extent do you think that endogenous growth theory s. Produc. knowledge a, refutes the Solow model or b. provides a further refinement to the Solow model? capital an 6 Societies choose what share of their resources to devote to consumption and what share to devote to investment. Some g returns, of these decisions involve private spending; others involve government spending proaches a. Describe some forms of private spending that represent consumption, and some forms that represent investment. specially b. Describe some forms of government spending that represent consumption, and some forms that represent investment. investing in capital? Do you think a country can 'over-invest in capital? What is the oppor