Time left 1:12:55 1. What type of "business competition" will provide our society with the best technological innovation? Explain why you think this is the case. Please use the words "capitalism and socialism" within your explanation. (15) 2. "A 40% average income tax in the country is a good example of how the country is very fair because everyone in the country will be able to get free social care, free dental care and free general education." Is this statement true or false? Explain. (15) 3. I am the President of Vanda. There is a problem with the wage for people in our country. The average wage right now is 3$/hr but an average dinner outside costs up to 40$ per person. As a result, I am going to ask you, the Economist, to implement a price floor (also known as minimum wage) in our beautiful country. Discuss the positives and negatives of such a policy. Is it realistic to implement in our country? Explain using Economic rationales. (15) 1 AY B I TY E E