Questions Refer to the Passage Below

question 1

Multiple Choice

Questions refer to the passage below.
"The problem that now arises is quite simple. We [Singaporeans] are substituting for British authority our own. And we have got to devise a formula to ensure that the authority that ultimately emerges . . . is one that will command the loyalty, the support of the majority of all the various racial, linguistic groups in the country.
[Some] don't want a multi-racial society because they then have to compete on performance . . . We say these problems can only be resolved if you educate, and educate and grow a new generation of men trained in technological skills, thinking like you, like everybody else anywhere in any civilised society, rationally, calculating, prepared to make the effort on his own behalf. Then we begin to resolve our problems. And we are beginning to do these things. A slow process, maybe in one, two, three generations."
Singapore prime minister Lee Kwan Yew "Meritocracy and the Path to Progress," speech to the Malay Student Union at the University of Western Australia Perth, Australia (1965)
-Lee Kwan Yew felt that the best path forward for Singapore was to:

• A) establish a completely egalitarian society.
• B) be patient and wait two to three generations for things to improve.
• C) seek an alliance with either the United States or the Soviet Union.
• D) promote standardized education to advance those with potential and, by extension, the nation.

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Definitions:

Useful Life

Useful life refers to the estimated timeframe during which an asset is expected to be economically usable by an entity, with reasonable efficiency.

Average Rate of Return

A measure of the profitability of an investment, calculated as the average annual profit returned on an investment, expressed as a percentage of the initial investment cost.

Total Net Income

The total amount of earnings left over for a business after all expenses have been deducted from total revenues.

Present Value Factor

A coefficient used to calculate the present value of a future amount of money or stream of cash flows, based on a specific discount rate.