Questions

Originally designed for Taiwan, Beijing applied the “One Country, Two Systems” principle to Hong Kong on July 1, 1997 when sovereignty of the territory was passed from Britain to China.But “One Country, Two Systems,” which guarantees a degree of autonomy under Chinese supervision, isn’t applicable to Taiwan. The island has evolved into a self-ruled, hyper-democracy that enjoys de facto operational independence

The classical economists believed in the existence of full employment in the economy. To them, full employment was a normal situation and any deviation from this regarded as something abnormal. According to Pigou, the tendency of the economic system is to automatically provide full employment in the labour market when the demand and supply of labour are equal.