Figure 1 below shows the cross-country correlation between the development of the education system and the level of economic development. Analyse Figure 1 by arguing about the importance of the education system for economic development in low, emerging, and developed countries. GDP per capita350003000025 0002000015000Saudi Arabia10000South Africa, MalaysiaMexicoChileBrazBelarus5000Iran TurkeyAlgeria AChinaMorocco India ZimbabwePakistanNigeriaIndonesiaVietnamA ▲KenyaMoldova: KyrgyzstanUkraineJordanArmeniaGeorgiaTanzaniaT-3.0 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0Education systemEurope x North & South America Asia & Oceania AfricaGDP per capita and education system over 2000-2004Figure 4.2Education systemLiteracy0.78Primary teacher/pupil 0.75Secondary enrolment 0.88Tertiary enrolment0.8867.7% of total varianceUnited StatesCroatiaIreland.SwitzerlandAustria NetherlandsAustralia●Finland SwedenNorwayUnited Kingdom CanadaFranceJapanGermany Italy0Singapore SpainIsraelTaiwan GreecePortugal.Czech Rep. KoreaSlovakia.Argepiha EstoniaUruguay●Bulgaria●HungaryNew ZealandSloveniaPolandLithuaniaR² = 0.69LatviaRussiaDenmarkBelgium

In the above diagram, there is an upward sloping curve which shows the highly positive correlation…

Figure 1 below shows the cross-country correlation between the development of the education system and the level of economic development. Analyse Figure 1 by arguing about the importance of the education system for economic development in low, emerging, and developed countries.

Figure 1 below shows the cross-country correlation between the development of the education system and the level of economic development. Analyse Figure 1 by arguing about the importance of the education system for economic development in low, emerging, and developed countries.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter32: Macroeconomic Policy Around The World

Section: Chapter Questions

Problem 30P: Retrieve the following data from The World Bank database (http //databank.worldbank. org/data/...

See similar textbooks

Related questions

Q: T/F In 1981, when regulations were holding the price of natural gas below its free-market level,…

A: The law of supply and demand primarily affects the oil industry by determining the price of "black…

Q: If exports drop by $10 billion and imports rise by $7 billion, then what's the net export change?…

A: Introduction Net exports is the difference between value of goods and services a country exports to…

Q: The Briggs and Stratton Commercial Division designs and manufacturers small engines for golf turf…

A: Given; Pull System:- First cost= -$1300000AOC per year=-$720000Salvage value=$110000Estimated life=…

Q: The Blumen Yacht Building Company buys Marine Parts Corporation, a fum that makes shipbuilding…

A: A corporation refers to a legal entity that is different from its owners and exists independently…

Q: Question 21 Markup Qc What is the level of profit for the monopolistically competitive firm in the…

Q: What is the downside of using prizes to promote the creation of new technology? O It slows the…

Q: A firm’s production function is given by q = min{M, L1/2}, where M is the number of machines and L…

A: Given production function q=min(M,L1/2) Price of Labor, W=1 Price of Machine, Pm=2

Q: For each of the regions listed in the following table, use the midpoint method to identify if the…

Q: What price and quantity combination did you find maximizes the monopolist's profit using Marginal…

A: We know that, TR=P x QMR=∂TR∂QTC=TFC+TVCMC=∂TC∂QProfit=TR-TC Suppose, TFC=0 Now, Price ($)…

Q: 26. Suppose the same consumer market basket that cost $20 on January 1, 1990, costs $40 on Dec 31,…

A: Given: The cost of a consumer market basket on January 1, 1990, is = $20 The cost of a consumer…

Q: There are only two suppliers of courses in finance in Brisbane, two private universi- ties:…

A: Nash equilibrium refers is an idea within the game thesis where the impact optimal of a game is…

Q: What is meant by capital-abundant nation? What determines the production frontier of each nation? b.…

A: Capital to Labor ratio estimates the ratio of capital employed to work employed. The capital-work…

Q: According to the efficient market theory, prices of actively traded stocks can be under- or…

A: Stocks are the financial instruments that firms or organizations raise and sell to the investors in…

Q: A bank is offering an interest rate of 3.50% per year, compounded every 3 months. What is the…

A: An effective annual interest rate is the genuine profit from a bank account or any interest-paying…

Q: age operates in a perfectly competitive market. At the point where marginal cost equals marginal…

A: 3. P<AVC , Joses Garage should shut down immediately. Option B is correct

Q: "If the required reserve ratio is 20% and the current deposit is $50,000. Calculate the amount of…

A: The information given to us:- The right choice is a. "$200,000" Reason: Cash holds proportion, CRR =…

Q: Suppose the Republic of Newbee fixes the value of its currency, the Nam, to the dollar. In the U.S.,…

A: A government's or central bank's stabilisation policy aims to ensure a healthy rate of economic…

Q: explain in detail the size of crowdfunding.

A: The utilization of modest sums of funds from a large number of people to support a new business…

Q: Which of the following statements is true? O If a strategy is weakly dominant, then it is also…

A: Strictly dominant system is that methodology that generally gives more prominent utility to a the…

Q: A fall in the price level will O reduce the demand for money and interest rate. O reduce the demand…

A: The aggregate sum of cash requested in an economy is consequently the aggregate sum of cash…

Q: A city is spending $20 million on a new sewage system. The expected life of the system is 200 years,…

A: To calculate capitalized cost we first have to calculate the annual worth. Given, useful life=200…

Q: How do prices attain a state of equilibrium? Give a specific example

A: Demand and supply forces have a role in determining market pricing and volumes. According to the law…

Q: For each of the following given information, indicate which form of the efficient market hypothesis…

A: Efficient market hypothesis is a financial theory which says the securities prices reflect all the…

Q: = Optimal inputs: A firm has a production function, y Py = 20, pe = 4, Pk much profit do they earn?…

A: Given Production function: y=ln(lk) ... (1) price of good y is 20 Price of labor = 4 Price…

Q: The market demand for a type of carpet has been estimated as P= 75 – 1.5Q Where P is price…

A: Given, Market demand= P= 75 – 1.5Q Market Supply= P= 25 + 0.5 Q Cost of Production= MC= 2.5 + 10q

Q: sports mortgage is the brainchild of Stadium Capital Financing Group, a company headquartered in…

A: Given that; Harold buys the mortgage of $50,000 and purchases the ticket for $290 for 50 years. The…

Q: Exchange rates a. are always fixed between the currencies of two countries. O b. fluctuate to equate…

Q: What is the principal question Coase posits when it comes to negative externalities? Who should be…

A: The basic discovery of the Coase Theorem is that externalities are reciprocal. A polluter, in…

Q: The firm depicted in Figure 6-10 currently is producing 200 units of output per day. If it decides…

Q: duced output and increased unemployment creased output and increased unemployment duced output and…

A: Four Stages of the Business Cycle Expansion Prosperity Contraction Recession

Q: Quantity supplied exceeds the quantity demanded. Everyone with the desire and the income to buy milk…

A: Demand has an inverse relationship with quantity demanded.

Q: Why did Trump and many of his supporters see NAFTA as "the worst trade deal maybe ever"?

A: North American Free Trade Agreement (NAFTA), a questionable trade settlement endorsed in 1992 that…

Q: If the supply of financial capital increases Interest rates will remain unchanged. Interest…

A: Interest rate is determined by the demand and supply of financial capital.

Q: Necessities with no close substitutes: Are likely to have highly elastic demand curves. Are likely…

A: Necessities are the items that are purchased by the people on daily basis. These are the items which…

Q: Briefly discuss the role the State plays as adviser in the labour relationship

A: State: It is characterized as an area with its own administration and boundaries inside a bigger…

Q: After talking your managerial economics class, you realize that you can probably raise your profits…

A: Given information In Laredo: Q1=200 burger per week P1=$9 Q1*=100 meals per week P1*= $10

Q: Quantity Total Benefit 0 20 60 300 500 Total Cost 20 Marginal Benefit 5 Marginal Cost

A: The basic concept that will be used to fill missing values in the given table Marginal benefit is…

Q: A monopolistically competitive firm maximizes profit in the short run by producing where Oprice is…

A: Under a monopolistic market, there are many buyers and sellers in the market. The good being sold is…

Q: What calculation gives the best indication of economic well-being? nominal GDP divided by the number…

A: Standard of living means the average quantity or quality of goods and services that people in a…

Q: There is a decrease in the income for the population and the price for tractors used by apple…

A: Here, it is given that income of the population has decreased and the price of the tractor, that is…

Q: Q2/suppose there were six kinds of toppings that one could order for a pizza. How many combinations…

A: If the toppings must be varied and the order in which they are placed is critical, the number of…

Q: With respect to group formation, what does uncertainty avoidance help to provide for individuals…

A: Uncertainty avoidance refers to individuals in a country preferring controlled settings to…

Q: Cassava is the main commodity in the economy of Makandingi. Given the hardship in the economy, the…

A: The equilibrium worth is that the solely price wherever the plans of customers and therefore the…

Q: (a) In a competitive market, the incidence of an excise tax ("who really pays the tax") is on…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Quantity of hours Refer to the figure above. If the government imposes a minimum wage in this…

A: The minimum wage is determined by the government. the firms can not give wage rate below the minimum…

Q: Which of the following would most likely shift the production possibilities curve inward?…

Q: Economics 1) Shun owns a karate studio. He conducts lessons for both children and adults and offers…

A: Note: You have uploaded more than one question at a time. Hence, we shall solve only the first one…

Q: 1.) Use the line drawing tool to draw the equation Y=1+1.50X Label your line 'A' 2.) Use the line…

Q: In a market demand and supply equations are: The demand curve is given as P = 900 - 10Q The supply…

A: Given: The demand curve is given as P = 900 - 10QThe supply curve is given as P = 300 + 20Q

Q: A pharmaceutical firm Astra is the sole producer and seller of a special drug under patent…

A: In monopolistic market, there is only firm in the market and in competitive market there are large…

Question

GDP per capita
35000
30000
25 000
20000
15000
Saudi Arabia
10000
South Africa, Malaysia
Mexico
Chile
Braz
Belarus
5000
Iran Turkey
Algeria A
China
Morocco India Zimbabwe
Pakistan
Nigeria
Indonesia
Vietnam
A ▲Kenya
Moldova: Kyrgyzstan
Ukraine
Jordan
Armenia
Georgia
Tanzania
T
-3.0 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0
Education system
Europe x North & South America Asia & Oceania Africa
GDP per capita and education system over 2000-2004
Figure 4.2
Education system
Literacy
0.78
Primary teacher/pupil 0.75
Secondary enrolment 0.88
Tertiary enrolment
0.88
67.7
% of total variance
United States
Croatia
Ireland.
Switzerland
Austria Netherlands
Australia
●
Finland Sweden
Norway
United Kingdom Canada
France
Japan
Germany Italy
0
Singapore Spain
Israel
Taiwan Greece
Portugal.
Czech Rep. Korea
Slovakia.
Argepiha Estonia
Uruguay
●Bulgaria
●Hungary
New Zealand
Slovenia
Poland
Lithuania
R² = 0.69
Latvia
Russia
Denmark
Belgium

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Compute the "Per capita GDP", which can be obtained by dividing the GDP for each state by that state's population. This number helps economists compare the economic activity between regions that have different population sizes. (Round your answers to nearest dollar.)
_________ is output per hour in the business sector. a)GDP per capita b)Investment c)Productivity d)Net exports
A US company produces $20000 worth of shirts in 2019. However, only $15000 worth of the shirts are sold to consumers in 20019 and the rest are still lying at the producer’s warehouse. Group of answer choices 1. The entire $20000 worth of shirts should be added to Consumption when calculating 2019 GDP 2. The $5000 worth of unsold shirts should be added to Exports when calculating 2019 GDP 3. The entire $20000 worth of shirts should be added to Investment when calculating 2019 GDP 4. The $5000 worth of unsold shirts should be added to Investment when calculating 2019 GDP
Mauritius is an island nation off the coast of the African continent in the Indian Ocean. At various points in its history, it has been a Dutch colony, a French colony, and a British colony and it gained its independence in 1968. It has many lovely beaches and is a major destination for parasailing, SCUBA diving, and water skiing. The country generally has good governance and free trade. The population is approximately 1.4MM people. GDP over the last few years has been growing steadily from $25.5B in 2015 to $28B in 2018 (estimated) – which translates into an average growth rate of 3.9%. GDP per capita is $21,600 and the unemployment rate is 6.9%. Assume Mauritius is a small open economy. Further, assume that the world interest rate (r*) and the equilibrium interest rate of Mauritius (r c – the interest rate in Mauritius if it were a closed economy) are equal to each other. a) Imagine now that a new Prime Minister and Parliament are elected in Mauritius. The new administration and…
How does per capita GDP in the following countries "stack up" against America's ( in percentage terms) a. Canada b. China c. Cuba
GDP is the total market value of goods and services produced ina country in a year. Google the GDP’s of three countries. Everyoneshould use different countries. Use one advanced economy, onedeveloping country, and then a country on a different continentthan the first two countries you found. What I want to know and youneed to share is current (1) total gdp, (2) gdp per capita and (3)gdp growth rate for the last year. Explain what has been happeningin the countries you chose. If you have heritage from anothercountry, share the gdp numbers from your country.
Find per capita GDP when the population is 300 million and GDP is $1.5 trillion.
GDP per capita is one way to measure an economy's growth. China and India began to progress when they allowed private ownership, around ____. Since then, there has been steady, strong growth in these economies. Group of answer choices 2000 1970 1980 1990 1960
GDP per capita — According to the World Bank, for 2018 Mexico had a Gross Domestic Product or GDP of 1,220,699 million in US dollars. The population of Mexico in 2018 was 126,190,788. Calculate Mexico's GDP per person for 2018. Question 1 options: A) 103 B) 9,673 C) 13,651 D) 97
India has a GDP of 23,000 billion Indian rupees, and a population of 1.1 billion. The exchange rate is 50 rupees per U.S. dollar. Calculate the GDP per capita of India as measured in U.S. dollars.
Productivity of beer and wine in Germany and Chile Germany Chile Beer(cases) 75 30 Wine (cases)75 60
The Real GDP for a country is $450 million in 2020. The population of the country is 125 million as of 2020. In 2010, the GDP was 4% lower, and the population was 115 million.