ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Its economic policies banned the export of any agricultural goods produced in the country.
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Its economic policies encouraged businesses to specialize in manufacturing and technology.
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It adopted laissez-faire policies so that the market could determine which goods should be produced.
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It adopted a common currency with its largest trading partners to reduce the transaction costs of trade.
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Detailed explanation-1: -Only 20 percent of land in Japan is good for farming, making the opportunity cost of commercial agriculture much higher than in countries with more land. How did the government create economic growth despite its lack of land? Its economic policies banned the export of any agricultural goods produced in the country.
Detailed explanation-2: -Entrepreneurship as a Career The sudden dip in the economy has made many people lose their jobs. This created a space for people to come up with their businesses. Owning an enterprise gives us a sense of being financially independent, job security, and the opportunity to choose the role of our own choices.
Detailed explanation-3: -Productivity can affect buying power By reducing unit labor cost increases, productivity growth reduces inflationary pressure on prices. Hourly wages can rise faster than prices, increasing buying power for workers and consumers.
Detailed explanation-4: -As they have more flexible production opportunities compared to large enterprises, they adapt to the changes in demand in a short time and reach full competition conditions quickly. Thus they contribute to national income, employment, productivity and entrepreneur training.