Question

1. Is it necessary to have a free education system? Explain your answer.

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2. What is the problem of child labor?
3. The saving interest rate in Dubai is 4%, while in Kuwait it is 1.7%. Why such bigger difference exist between nations?
4. What do you mean by Increasing Return to Scale technology?

5.Why free trade is considered to be important for an economy?

Answer 1

1. the main reason for the high saving interest rate in Dubai 4% in compare to the Kuwait's 1.5% is the spending nature of citizens. from the database it has been observed that 85% of UAE population don't have saving which

1. The main reason for the high saving interest rate in Dubai 4% in compare to the Kuwait's 1.5% is the spending nature of citizens. From the database it has been observed that 85% of UAE population doesn’t have saving which signal a low saving and low investment. So to promote investment bank in Dubai pays a handsome amount of interest rate on saving account.

2. Increasing return to scale technology is one of the progressive technologies which admit the economies of scale to the production unit and that will be reflected in the output production. When output is more than proportionate to the input it present the increasing return to scale. So it can be realized in a production unit when there is less competition in market and the company has overcome the pressure of new to the market. Naturally, it will work positively in response to increase in inputs.

3. Free trade is a progressive factor for an economy's growth. if there is free trade in an economy it can import low cost good and services from outside and supply/export those products which have comparative advantage. So it'll minimize the cost of an import and increase foreign currency earning through export. so overall deficit will be balanced and country can enjoy the benefit of free trade.

4. According to international human rights law, primary education shall be compulsory and free of charge. Secondary and higher education shall be made progressively free of charge.

Free primary education is fundamental in guaranteeing everyone has access to education. However, in many developing countries, families often cannot afford to send their children to school, leaving millions of children of school-age deprived of education. Despite international obligations, some states keep on imposing fees to access primary education. In addition, there are often indirect costs associated with education, such as for school books, uniform or travel, that prevent children from low-income families accessing school.

Financial difficulties states may face cannot relieve them of their obligation to guarantee free primary education. If a state is unable to secure compulsory primary education, free of charge, when it ratifies the International Covenant on Economic, Social and Cultural Rights (ICESCR, 1966), it still has the immediate obligation, within two years, to work out and adopt a detailed plan of action for its progressive implementation, within a reasonable numbers of years, to be fixed in the plan (ICESCR, Article 14).

5.All over the world, children are being exploited through child labour. This mentally and physically dangerous work interferes with schooling and long-term development—the worst forms include slavery, trafficking, sexual exploitation and hazardous work that put children at risk of death, injury or disease.

Child labour can be defined as work that deprives children of their childhood, their potential and their dignity. It’s dangerous work that exceeds reasonable hours and interferes with a child’s education.

Child labourers are vulnerable to abuse, and their families are often trapped in a cycle of poverty. In extreme cases, children are forced to work under threat of violence or death. Children can fall ill and get injured—injuries have been as severe as loss of body parts.

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