Cuba spends the highest percentage of GDP (18.7 percent) on education while the United States is the 38th highest spender with 5.7 percent of GDP
If spending on education is important for economic growth, which of the following statements explain why Cuba's economic growth rate is lower than the U.S. economic growth rate? (data from United Nations Human Development Programme) A) Cuba trades with many more countries than does the United States.
B) Cuba doesn't offer property rights that promote innovation.
C) Cuba's population is smaller than the U.S. population.
D) all of the above explain why Cuba's economic growth rate is lower than the U.S. economic growth rate.
D
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If the economy suffers a recession for reasons unrelated to fiscal policy, the deficit should rise and
a. inflation should fall. b. interest rates should fall. c. real GDP should fall. d. All of the above are correct.
_____ is the rate at which a person is willing to trade one good for another so that his total utility remains the same
a. Marginal propensity to consume b. Marginal propensity to save c. Marginal rate of substitution d. Marginal rate of return