The knowledge and skills that workers have built up through education and training programs is known as ________
A) the college premium
B) human capital
C) productivity
D) financial torsion
B
You might also like to view...
In 1980, in order to stimulate agricultural production, Fidel Castro allowed Cuban farmers to sell their goods directly to consumers and keep whatever profit they made. Some farmers were earning $50,000 per year, compared with the average worker income of $2,400. The workers resented this. Castro denounced the farmers as “capitalist gangsters” and closed the free markets. Cuban cash income declined 5 percent and fresh vegetables were in short supply. This illustrates the economic concept of the
A. law of comparative advantage. B. equality-efficiency trade-off. C. cost disease of the service sector. D. unemployment-inflation trade-off. E. All of these responses are correct.
If the imposition of a binding minimum wage results in much higher unemployment among workers seeking minimum wage jobs,
a. firms will respond by demanding more labor. b. those workers who are employed will be worse off than before the minimum wage law. c. labor demand is relatively elastic. d. labor demand is relatively inelastic.
In an economy, 35 million workers are employed, the labor force is 50 million, and total population is 70 million. The unemployment rate is:
A. 30 percent. B. 15 percent. C. 25 percent. D. 50 percent.
When the decrease in the price of one good causes the demand for another good to decrease, the goods are
A. complements. B. normal. C. substitutes. D. inferior.