The prediction that workers get additional training only when the rewards from the training are expected to exceed the costs of the training (including the opportunity costs) is based on the:
A. cost-benefit principle.
B. scarcity principle.
C. principle of diminishing returns to capital.
D. principle of comparative advantage.
Answer: A
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Harold was laid off from his job as a circus clown because an economic recession caused demand for tickets to the circus to dramatically decline. Harold would best be described as ________ unemployed
A) frictionally B) structurally C) cyclically D) naturally
The main reason Sears Roebuck became the largest retailer in the United States during the late nineteenth century was that:
a. it reduced a host of transaction costs which allowed higher profits to shareholders and lower prices to customers. b. the railroad network improved substantially and charged higher rates for transporting goods. c. the lack of competition lowered the cost of advertising and increased profits for shareholders. d. his organization only interacted with the best wholesalers, distributors, and shippers in the business.
There is a strong, positive correlation between educational attainment and lifetime earnings
a. True b. False Indicate whether the statement is true or false
All of the following are considered natural resources except:
A. a coral reef. B. gold. C. labor. D. a redwood forest.