Cuba spends the highest percentage of GDP (18.7 percent) on education while the United States is the 38th highest spender with 5.7 percent of GDP.
If spending on education is important for economic growth, which of the following statements explain why Cuba's economic growth rate is lower than the U.S. economic growth rate? (data from United Nations Human Development Programme) A) Cuba trades with many more countries than does the United States.
B) Cuba doesn't offer property rights that promote innovation.
C) Cuba's population is smaller than the U.S. population.
D) all of the above explain why Cuba's economic growth rate is lower than the U.S. economic growth rate.
Question 2
When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Company can generate more electricity by using more fuel and increasing the working hours of many of its employees.
The company cannot, however, increase electric power production by building additional generating capacity. This means that the company is in the A) market run.
B) short run.
C) intermediate run.
D) long run.
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