How does educating its populace help a poor country improve its economic growth rate?
a. Educated people eliminate the need for expensive technology.
b. Educated people can produce more advanced goods and services.
c. Educated people pay high interest rates on student loans.
d. Educated people use fewer resources.
b. Educated people can produce more advanced goods and services.
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An inferior good is a good whose income elasticity of demand is less than 0
Indicate whether the statement is true or false
Why are most of the U.S. dollars held outside of the United States?
What will be an ideal response?
A binding minimum wage creates unemployment
a. True b. False Indicate whether the statement is true or false
GDP per capita is the best measurement for:
A. Determining the distribution of output within a country. B. Determining the growth rate of the economy over time. C. Finding the impact of population on GDP. D. Comparing living standards between countries.