Which of the following would be considered an investment in human capital?
a. switching to working the night shift to receive a higher wage
b. buying a new computer
c. enrolling in a three-week course to learn more about a specific topic in your line of work
d. quitting a job for health reasons.
c
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Higher than expected inflation rate: a. shifts short-run Phillips curve to the right
b. shifts long-run Phillips curve to the right. c. shifts both short-run and long-run Phillips curve to the right. d. shifts short-run Phillips curve to the left.
Increase revenue from my personal chef business.
SMART Not SMART
When a firm does more of something, it gets better at it. This learning-by-doing is:
A. a source of diseconomies of scale. B. a source of economies of scale. C. called the principle of natural progression. D. called "spreading the overhead."
Under a pure price system, the decision of resource allocation is made by
A. those who have the right to vote in government elections. B. individuals who own the resources. C. the head of the government. D. no one.