People are willing to invest in human capital because
a. the demand for skilled labor is higher than for unskilled labor.
b. it increases the marginal product of their labor.
c. firms are willing to pay more for more productive workers.
d. All of the above are correct.
d
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When the price of a commodity falls, we can expect
a. total utility will fall. b. marginal utility of the last unit purchased will fall. c. marginal utility of the last unit purchased will rise. d. purchases will fall because of a change in marginal utility.
The Parks and Recreation department is trying to decide whether it should continue, expand, or cancel the laser show program. Laser Tech Co can provide the standard 20-minute display that the county typically books for $20,000 or put together a deluxe 50-minute program complete with a grand finale for $30,000 . They also offer a budget laser show, 12 minutes long, for $10,000 . Typically, about
15,000 community members attend the show, and research has shown that attendees would be willing to pay $2 per person. Which of these is the best choice for the Parks and Recreation Department? a. Cancelling the laser show b. Booking the budget laser show c. Booking the standard laser show d. Booking the deluxe laser show
An unemployment rate of zero percent cannot be expected because
A) there are some people who do not want to work. B) there will always be discouraged workers. C) some portion of the labor force will always be between jobs. D) cyclical unemployment will always exist.
Which of the following can lead to a reversal of the country's trade pattern(that is a shift in which a previously exported good becomes an imported good or vis versa)?
1. Growth in the country's total supply of the factor that initially is scarce in the country 2. International diffusion of technology 3. Shifting tastes of the country's consumers