Question

Propose and discuss one macro and one micro policy to expand the number of entrants to the labour market for Petroleum engineers

Answer 1

The government's microeconomic policies are taken by the government to improve resource allocation between the industries and the firms within the country. It, therefore, maximizes the potential of the output of the scarce resources. Thus, the macroeconomic policy is the main central aim of reducing the constraints on LT's growth. On the other hand, macroeconomic policies are those that affect the whole country or a certain region. It involves monetary features, fiscal policies, trade activities, and exchange rate conditions, which apply even economic growth, the inflation rate, and employment. Therefore, one macroeconomic factor that affects the number of entrants in the labor market is the government's fiscal policies determining the amount of money to be used in the budget; when the money set reduces, it will reduce investors in the country, a microeconomic policy which may affect the number of entrants in the taxation. When a high surcharge is imposed, the potential investors decreases due to increased production costs.

Explanation:

The government's microeconomic policies are taken by the government to improve resource allocation between the industries and the firms within the country. It, therefore, maximizes the potential of the output of the scarce resources. Thus, the macroeconomic policy is the main central aim of reducing the constraints on LT's growth. On the other hand, macroeconomic policies are those that affect the whole country or a certain region(Treibich, T. 017). It involves monetary features, fiscal policies, trade activities, and exchange rate conditions, which apply even economic growth, the inflation rate, and employment. Therefore, one macroeconomic factor that affects the number of entrants in the labor market is the government's fiscal policies determining the amount of money to be used in the budget; when the money set reduces, it will reduce investors in the country, a microeconomic policy which may affect the number of entrants in the taxation. When a high surcharge is imposed, the potential investors decreases due to increased production costs.