Neco Model Questions Vol1 2021 Economics Question 33
Practice objective / multiple choice question 33 from the 2021 Neco Model Questions Vol1 Economics examination.
The Human Development Index (HDI) of a country is the geometric mean of three normalized indices: health \(H\), education \(E\), and standard of living \(S\): \(\text{HDI} = (H\,E\,S)^{1/3}\). In 2020 the HDI is 0.720, with \(H = 0.800\) and \(E = 0.650\). (a) Find the standard of living index \(S\). (b) If the government wishes to raise the HDI to 0.750 by improving only the education index while keeping \(H\) and \(S\) unchanged, what must the new education index be? Give your answers to three decimal places.
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This is Neco Model Questions Vol1 2021 Economics Question 33. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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