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KiRa [710]
3 years ago
11

Australia has a high literacy level why is this important to their economy

History
1 answer:
In-s [12.5K]3 years ago
5 0

Financial literacy makes a major impact to the soundness of the financial system. The RBA believes that borrowers in a financially educated society will be less likely to take on more debt just because credit is easily accessible. The Bank argues the borrowers will have a much better chance of riding out an economic recession without defaulting on their debt repayments. This, in turn, will help minimize the bad debt experience of financial institutions and therefore, help strengthen the health and efficiency of the financial system.

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Explanation:

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The Gulf of Tonkin Resolution was a measure passed by US Congress that allowed the US President to make military actions, like increase troops, without formal declaration of war.  It led to huge escalation of US involvement in the Vietnam War. The resolution was passed by Congress in August, 1964, after alleged attacks on two US naval ships in the Gulf of Tonkin.  The key wording in the resolution said:

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