What are the alternative views to the human capital theory with respect to the role of education?
What will be an ideal response?
One alternative dissenting view sees education as a sorting mechanism. People differ in ability both before and after schooling, but schooling sorts persons according to ability. Traits that lead to success in school often lead to success in work. Employers know this and seek people with more schooling for more complex jobs.
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Refer to Table 14-1. Suppose a transaction changes a bank's balance sheet as indicated in the T-account, and the required reserve ratio is 10 percent. As a result of the transaction, the bank has excess reserves of
A) $0. B) $400. C) $3,600. D) $4,000.
Negative externalities cause loss of welfare not transmitted by market factors.
A. True B. False C. Uncertain
Consumer surplus measures the value between the price consumers are willing to pay and the:
A. producer surplus price. B. deadweight gain price. C. actual price paid. D. preference price.
Suppose the Chinese central bank wants to keep the exchange rate of its currency value constant over time. An increase in the demand for Chinese goods by American residents will lead the Chinese central bank to
A) coordinate with the U.S. central bank in order to increase the supply of the U.S. dollar in the foreign exchange market. B) increase the demand for the Chinese currency in the foreign exchange market. C) use its dollar reserves to buy the Chinese currency in the foreign exchange market. D) sell the Chinese currency in exchange for U.S. dollars in the foreign exchange market.