order to increase economic development and productivity, which of the following might a country do?

Question

(1 point
• increase capital goods
O lower tariffs
• restrict literacy and education
O encourage trade barriers

Answer 1

In order to increase economic development and productivity, a country might do the following:

- Increase capital goods: This refers to investing in machinery, equipment, and infrastructure that can enhance productivity and efficiency in the production process. By having better tools and technology, businesses can produce more output with less effort and resources.
- Lower tariffs: Tariffs are taxes or fees imposed on imported goods. By lowering tariffs, a country can encourage international trade and increase competition, which can lead to lower prices for consumers and provide businesses with access to a larger market to sell their products.
- Encourage literacy and education: By investing in education and ensuring a literate population, a country can enhance human capital, increase productivity, and attract higher-skilled jobs and industries. Education provides individuals with the skills and knowledge necessary to participate in a modern economy and can lead to innovation and economic growth.
- Encourage trade barriers: This option is incorrect. Encouraging trade barriers, such as tariffs, quotas, or restrictions on imports, can hinder economic development and productivity. Trade barriers can limit access to foreign markets, reduce competition, and increase prices for consumers, which can lead to inefficiencies and reduced economic growth.