Q1. What are the three most important factors driving economic growth? Explain briefly using an appropriate example.
Q2. A worker in 1 hour produce a product, using means of production at $80 and creating new value at $20; productivity of his labor has increased 2 times. Determine the cost of production of 8hrs workday output and a unit of product before and after the increase in labor productivity?
Q3. Explicate the difference between balanced growth strategy and unbalanced growth strategy.