Why might high levels of spending on education in a developing country not be associated with development success?
What will be an ideal response?
A number of reasons can be cited, including inefficient spending, concentration of spending on a minority of the population, spending on education that is not geared to the level of development, etc.
Economics
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________ is called an implicit cost, while ________ is called an explicit cost
A) An accounting cost; an economic cost B) A nonmonetary opportunity cost; a cost that involves spending money C) A production cost; a sales cost D) An actual cost; a hypothetical cost
Economics
This graph shows elasticity of demand because the distance between Q1 and Q2 is ______ the distance between P1 and P2.
a. greater than
b. less than
c. the same as
d. irrelevant to
Economics