In 2003,which Country Had Both the Lowest Math Scores and Lowest

question 53

Multiple Choice

In 2003,which country had both the lowest math scores and lowest science scores among the 51 countries indicated on Table 17.4 in Chapter 17 of the textbook?

• A)Singapore
• B)Taiwan
• C)Australia
• D)Iran
• E)South Africa

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Definitions:

Factor Rents

Payments for the use of factors of production such as land, labor, and capital, reflecting their income in an economic system.

Total Profit

The overall financial gain made by a business after subtracting all costs from the total revenue.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service compared to what they actually receive, due to market price.

Equilibrium

refers to a state in a market where supply equals demand, and in the broader sense, it's a condition where all forces acting on a system are balanced.