Which of the following is generally an opportunity cost of investment in human capital?
a. future job security
b. forgone present wages
c. increased earning potential
d. All of the above are correct.
b
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Why does unemployment tend to change when the level of output changes?
a. Persons wish to buy things, and if output falls, people need to work less to earn the income to buy the smaller output. b. Labor is an input, and if output falls, employers need fewer workers to make it, so the employment falls. c. When output rises, persons are more interested in buying, and will work more to earn the income to buy things. d. Persons face the option of buying or working, so that when they do more of one, the other necessarily falls. e. When companies replace workers with machines, output rises, and people take time off from work to buy before returning to employment.
If there are external benefits for good X then which of the following would be true?
a. The socially efficient amount of good X can be achieved if society subsidizes consumers of good X. b. The socially efficient amount of good X will be equivalent to the free market equilibrium quantity. c. The socially efficient amount of good X can be achieved if society taxes consumers of good X. d. The socially efficient amount of good X does not exist.
If Ana devotes all her time to making fudge, she can make 3 pounds of fudge an hour, and if she devotes all her time to making toffee, she can make 2 pounds of toffee an hour. If Leo devotes all his time to making fudge, he can make 4 pounds of fudge an hour, and if he devotes all his time to making toffee, he can make 5 pounds of toffee an hour. Suppose that Ana and Leo decide to work together as a team. Can they produce 2 pounds of fudge and 4.5 pounds of toffee each hour?
A. No, this point is not attainable. B. Yes, this point is both attainable and efficient. C. Yes, this point is attainable, but inefficient. D. No, this point is not attainable and inefficient.
Refer to the graph above. Which of the following factors will shift AS 1 to AS 2?
An increase in input prices A decrease in business taxes An increase in real interest rates A decrease in business subsidies