a. Discuss how labour productivity and living standard are related.
b. Examine how property rights affect a nation’s standard of living.
c. Suppose the government grants a tax concession on companies’ investments in order to encourage private investment. Examine (with the aid of a diagram) the possible impact of a tax concession on the loan able funds market in an economy.
d. Teenage unemployment is generally higher than unemployment for people ages 25 or over in many economies. Discuss how this phenomenon can be explained (at least partially) by minimum wage laws.