Which of the following is true?
a. In low-income countries, less than 5 percent of those 15 and older were illiterate in 2007
b. In middle-income countries, 17 percent of those 15 and older were illiterate in 2007
c. In high-income countries, 38 percent of those 15 and older were illiterate in 2007
d. Education bears little relationship to economic development in high income countries
e. Education is more important to the economic development of low income countries than it is to high income countries
B
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Considering that the U.S. places a quota on imports of steel from South Korea, which of the following would NOT likely occur?
A) The price of steel in the United States would increase. B) The quantity of steel produced in the United States would increase or stay the same. C) The demand for steel in the United States will increase. D) The quantity demanded for steel in the United States will decrease.
Economic theory
a. expresses normative values b. invents imaginative and interesting stories c. predicts the behavior of a specific economic decision maker after an economic change d. predicts the average behavior of a group of similar economic decision makers after an economic change e. uses only perfect and complete information
The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains should have been higher. The Secretary's statement is a (n) ____ economic statement, and the labor head's statement is a (n) ____ economic statement
a. normative; normative b. normative; positive c. positive; normative d. positive; positive e. proper; improper
In order for consumers to make cost-conscious decisions, all of the following conditions are essential. Which one is not?
a. They must have knowledge of the product they are considering—its quality and price. b. They must have money to spend. c. They must be able to eliminate the uncertainty of their decision and choose the best outcome. d. They must be able to capture the benefit of making a cost-conscious decision. e. They must have the ability to measure and compare the relative value of their options.