When an employer pays the cost of educating a worker, it is likely that the employer
a. is demonstrating altruistic motives.
b. is pursuing some objective other than profit-maximization.
c. hopes to recapture its investment in the form of increased labor productivity.
d. receives reimbursement from the government for the cost of the education.
C
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The term "classical" refers to an economic theory which states that over a relatively short period of time, wages and prices will adjust quickly to bring the economy back to full employment
Indicate whether the statement is true or false
The argument that budget deficits are inflationary is
a. always correct. b. correct only when the deficit is monetized. c. correct only when the aggregate supply curve is horizontal. d. correct only when the aggregate supply curve is upward sloping.
The U.S. Postal Service has a monopoly on the delivery of first-class mail due to
a. economies of scale. b. a lack of initiative on the part of competing firms. c. legal barriers limiting entry. d. control over an essential resource.
The economy has gone into a recession. You have majored in computer science and, because of the recession, have difficulty in finding a job. According to the information in the chapter, should you go back to school and get a second major?
A) Yes, the recession will ensure that you will never find a job as a programmer. B) Yes, the recession will lower income in my field permanently. C) No, the recession will most likely be short-lived and I can get a job after it is over. D) No, the recession will have no impact on my ability to get a job or my future income.