ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The higher the standard of living, the lower the literacy rate.
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There is no relationship between these two items.
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The lower the literacy rate, the lower the standard of living.
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If there is a low population, there will be a low literacy rate.
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Detailed explanation-1: -The higher the standard of living the lower the literacy rate.
Detailed explanation-2: -The improvement in living standards is the direct result of econom-ic growth. Our per capita consumption of goods and services has increased because our per capita production (or output) of goods and services has increased. When we produce more, we can consume more.
Detailed explanation-3: -The literacy rate of a country affects its economic development greatly. The more literate citizens a country has, the greater is its economic development. People who are literate can more easily develop skills that will help them in the workplace and will help them find and keep jobs, so they can spend money.
Detailed explanation-4: -Standard of living is the amount of goods and services available to purchase in a country. Real GDP per capita and Gross National Income per capita are the two most common ways to measure the standard of living.
Detailed explanation-5: -The standard of living is measured by things that are easily quantified, such as income, employment opportunities, cost of goods and services, and poverty. Factors such as life expectancy, the inflation rate, or the number of paid vacation days people receive each year are also included.