The relationship between education and economic growth can best be summarized by saying that
A) educated people are less apt to consume goods that deplete economic resources, which encourages economic growth.
B) educational expenditures tend to divert funds from productive investments, which discourages economic growth.
C) educational expenditures tend to be inflationary, which discourages economic growth.
D) education has benefits beyond those who receive the education, which encourages economic growth.
D
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The process of supply and demand
A) guarantees shortages or surpluses will never exist. B) guarantees the greatest amount of social happiness. C) ensures that people will be able to obtain all that they need. D) generates useful information regarding the relative scarcities of goods and services. E) accomplishes all of the above.
The Federal Reserve focuses on the inflation rate based on the ________ rather than the CPI; to measure the underlying trend in inflation, it focuses on the ________
A) GDP deflator; overall GDP deflator B) GDP deflator; core GDP deflator C) PCE price index; core PCE price index D) PCE price index; overall PCE price index
An economy's resources:
a. are limited in quantity. b. are always efficiently utilized. c. consist of land, labor, capital, and money. d. are unrelated to its standard of living. e. are unlimited when we use the latest technology.
If a consumer's total expenditure on a good does not vary with price, then that consumer's demand curve is unit elastic over that range of prices
a. True b. False Indicate whether the statement is true or false