Most people living in Country Y have no more than a ninth-grade education. In contrast, about half of the adult population of Country Z has a college degree. Based on this information, which statement about these two countries is most likely true?
a. Country Z does not have many natural resources available.
b. Country Y has a higher rate of economic growth than Country Z.
c. There are more people living in Country Y than in Country Z.
d. The per capita output of Country Z is higher than that of Country Y.
d. The per capita output of Country Z is higher than that of Country Y.
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If the U.S. Congress passes legislation to raise taxes to control demand-pull inflation, then this would be an example of a(n)
A. supply-side fiscal policy. B. contractionary fiscal policy. C. expansionary fiscal policy. D. nondiscretionary fiscal policy.
More economic growth is not necessarily better unless the benefits of growth:
A. exceed the costs of growth. B. increase average labor productivity. C. increase human capital. D. increase real GDP per capita.