Question

Pick any 2 questions and answer it (answer should be half page long per question):

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.

Answer 1

Solution

Given:

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 :

- Firstly,economic growth can be described as the increase in the production of amount of goods & services by each person in an economy.

- The indicators for economic growth include Gross Domestic Product (GDP), GDP per capita (GDP / total population) ,stable inflation,rising retail sales,etc.,

- Due to economic growth now more goods& services are being produced.

- The factors for Economic growth include International Trade between countries,technological advancements,education,etc.,

- Since the resources are limited unlike our wants which are unlimited.So,this is making economic decison making more complex

- Also,due to global trade,countries are becoming more interdependent on each other so any country has to consider the multinational concerns while making their economic decisions.

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 :

- Global warming is the rise in the global temperature levels.

- Due to these conditions many climatic changes are taking place.Ex: There is delay in rains,delay of seasons,excess of rains,less rains / droughts,etc.,

- These are causing a lot of negative impact to the developement across the globe.

- Like delay in rains are causing loss to the farmers and otehr stakeholders.

- But this global warming is also due to economic growth in the sense due to pollution that is caused in the process of economic growth.

- Yes the individuals cannot completely satisfy their desire for more goods& services without affecting the social interest of the environment by :

- Imposing self-restrictions to contain pollution levels (ex: carbon credits)

- Using latest technology to improve productivity

- Using renewal energy sources so that energy production can be done without polluting the environment

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