Question

Pick any two questions (each question should be half a page)

1. The acceleration of economic growth in the last two decades has made economic decision-making more complex as multinational concerns must be taken into account. Explain.

2. The Information Revolution, an economic restructuring comparable to the Agricultural Revolution and the Industrial Revolution, has brought about new questions of social interest. Elaborate.

3. Climatologists agree that global warming is at least in part the result of economic activity. The warming may lead to large economic costs. How can individuals and nations satisfy their self-interested desire for goods and services while also protecting the social-interest of the environment?

4. Think about the trends in what and how goods and services are produced in the U.S. and global economies. Do you think that at some future time, there will be no jobs in the United States and all the jobs will be in developing economies?

5. Compare the scale of agricultural production in the advanced and developing economies.

6. China is currently the world’s second largest economy. It is predicted to surpass the U.S. to become the biggest economy in the not-too-distant future. How does this development influence the strategic balance and the position of the United States? 7. Analyze the U.S. real estate market.

8. During 2007, as oil and gas prices continued to increase, a growing number of Americans called for the United States to become less reliant on Middle-Eastern oil. Would it make sense for the United States to try to become totally self-reliant in the production of oil? Why or why not?

9. Because wage rates are so low in Africa, why don't Microsoft, Cisco and other major corporations close down their American operations and move to Africa?

Answer 1

5. Agriculture is a major part of production in developing countries as compared to developed countries. Major proportion of population of countries like India and China are dependent on agricultural activities for their income. Though developed economies produce agricultural products but the contribution is really small. They produce 1/3rd of the total food production. It accounts for a large share of (GDP) (ranging from 30 to 60 percent in about two thirds of them of developing economies). They employ a large proportion of the labour force (from 40 percent to as much as 90 percent in most cases) and export of these countries is primary goods,mainly. Whereas Developed country like US imports food products such as coffee,suger,vegetable oils and many more. In 2018, the top partner countries from which US import food Products include Canada, Mexico, France, Italy and China. The cost of production of food products is less in developing countries as compared to developed countries becauce of availability of cheap labor. The cost of production in developed economies is high becuase of the techniques used to procure them but it also leads to increase in produtivity.

9. regardless of the low wage rate, the work performed by laborer maybe be subpar or not done efficiently and effectively as required by the corporations. Low wage rate are characterized by lack of incentives, poor working conditions, no health benefits, minimal training provided. For major corporations to move to Africe the cost of training would be really high. Also, Africa lacks public health which will also be expensive for a corporation to provide there.Lack of education in Africa is also a major drawback which would not any corporation to close down in America and open up in Africa. As the tasks performed by big corporations are technical and require higher knowledge, not having all this in Africa is a minus point. Whereas labour productivity and high skills is much more in America, a developed country as compared to Africa.There would rather be net losses to a company if they consider moving to Africa. This is the reason why corporations don't shut down and move to Africa.