Which of the following statements best describes the relationship between Economic Growth and Literacy Rates ? A.Literacy Rates decline as Economic Growth improves because Education is less useful in a developed economy. B.Increased Literacy initially stimulates Economic Growth by improving Labour Productivity but declines as the Opportunity Cost of Education increases with long-term Economic Growth. C.Increased Literacy stimulates Economic Growth by increasing Labour Productivity; People consume more Education as the Economy continues to grow. D.There is no correlation between Economic Growth and Literacy Rates.

Economic Growth refers to the increase in the GDP of a country over a period. It is characterized by…

Answered: Which of the following statements best…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter16: Economic Growth

Section: Chapter Questions

Problem 3E

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Which of the following statements best describes the relationship between Economic Growth and Literacy Rates ?

	A.	Literacy Rates decline as Economic Growth improves because Education is less useful in a developed economy.
	B.	Increased Literacy initially stimulates Economic Growth by improving Labour Productivity but declines as the Opportunity Cost of Education increases with long-term Economic Growth.
	C.	Increased Literacy stimulates Economic Growth by increasing Labour Productivity; People consume more Education as the Economy continues to grow.
	D.	There is no correlation between Economic Growth and Literacy Rates.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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