ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The higher the literacy rate, the higher the standard of living
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The higher the literacy rate, the lower the standard of living
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The lower the literacy rate, the higher the standard of living
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They do effect each other
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Detailed explanation-1: -Q. How do literacy rates affect their standard of living? The higher the literacy rates the lower the standard of living.
Detailed explanation-2: -Which of the following best describes the relationship between economic growth and literacy? Increased literacy stimulates economic growth by raising labor productivity, and as the economy grows, people consume more education.
Detailed explanation-3: -When a country invests in human capital it has the ability to foster more entrepreneurs, the more entrepreneurs a country has the higher the GDP.
Detailed explanation-4: -Answer and Explanation: Real GDP per capita is adjusted for inflation and the size of the population, so it measures the average purchasing power of the people in an economy, and is the best measure of a country’s standard of living.
Detailed explanation-5: -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.