ECONOMICS
ECONOMIC GROWTH
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Pagbabago (enhancing the social fabric)
|
|
|
Malasakit (reducing inequality)
|
|
|
Patuloy sa Pag-unlad (enhancing growth potential)
|
|
|
None of the above
|
Detailed explanation-1: -The correct option is b. an increase in the proportion of the population that is college educated. When an increasing proportion of the population is educated, there is more skilled labor force available. A skilled labor force has higher productivity.
Detailed explanation-2: -Income inequality reduces the pool of people with resources, such as education, to improve productivity.
Detailed explanation-3: -Inequality has a direct impact on growth (due to the decline in domestic demand linked to the middle classes), the concentration of wealth, the economic opportunities of populations, social cohesion, well-being, crime (due to the feeling of social injustice), political stability, etc.
Detailed explanation-4: -The main goal of economic development is improving the economic well-being of a community through efforts that entail job creation, job retention, tax base enhancements and quality of life.