Your Textbook Identifies Three Important Functions of Education for Addressing

question 39

Multiple Choice

Your textbook identifies three important functions of education for addressing global inequality, one of which is its contribution to economic growth. Education helps economic growth because:

• A) it helps people understand the importance of adopting modern culture for economic advancement.
• B) it decreases infant mortality, leaving more family members to contribute to the family economy.
• C) it helps young adults live apart from their parents, thus growing community development.
• D) it increases the size of the skilled workforce in high-wage industries.

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices at a given time.

Long Run

That period of time for which there are no fixed factors of production: Firms can increase or decrease the scale of operation, and new firms can enter and/or existing firms can exit the industry.

Profit-Maximizing

The process or strategy of adjusting production and sale operations to achieve the highest possible profit.

MR

Marginal Revenue, the additional income generated from selling one more unit of a good or service.