The Prime Minister is considering the policies listed below to stimulate economi

Question

The Prime Minister is considering the policies listed below to stimulate economic growth and provide a better standard of living for future residents of the England. She wants you to rank order the policies she is considering and explain how each would (or would not) contribute to economic growth:

Policy 1: Policy to implement universal early childhood education (think prekindergarten programs) in England.

Policy 2: Policy to promote the establishment of a colony on Mars.

Policy 3: Policy to encourage consumers to buy products produced in England.

Policy 4: Policy to provide financial literacy programs to residents of the England.

Explanation / Answer

Rank wise order:

Policy 4 > 3 > 1 > 2

Reason:

Policy 4 holds first rank because it involves increasing literacy of current residents, which will help increasing skilled labor in the country and thus employment and growth.

Policy 3 holds second rank because increasing consumer demand will lead to immediate economic growth

Policy 1 holds third rank because increasing early childhood education will increase educated labor force in the economy, but at a very later stage and not show effect immediately.

Policy 2 holds last rank because establishing a colony on Mars will be a scientific achievement only and not increase growth easily

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