Example of human capital.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 19, Problem 1CQQ

To determine

Example of human capital.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is the correct answer.

Explanation of Solution

Option (b)

Education is an important human capital because it represents an expenditure of resources at one time to raise productivity in the future. Since studying latest developments in computer programming enhanced his productivity that enabled him to attain higher income in future, it is considered A human capital. Thus, option ‘b’ is correct.

Option (a)

Compensating differential is the difference in wages that arise to offset the nonmonetary characteristics of different jobs. So option ‘a’ is incorrect.

Option (c)

Under signaling, the choice of being a math teacher is better than spending time for studying. Hence option ‘c’ is incorrect.

Option (d)

There is no mention about receiving above the equilibrium level wages; option ‘d’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Human capital: It is the accumulations of investments in people in the form of education, on-the-job training, etc.

Compensating differential: It is the difference in wages that arise to offset the nonmonetary characteristics of different jobs.

Efficiency wages: It is the above-equilibrium wages paid by firms to increase worker productivity.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Not use ai please

1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically. 2. Consider the following table of long-run total costs for three different firms: Quantity Total Cost ($) Firm A Firm B Firm C 1 60 11 21 2 70 24 34 3 80 39 49 4 90 56 66 5 100 75 85 6 110 96 106 7 120 119 129 Does each of these firms experience economies of scale or diseconomies of scale? Explain your answer with necessary calculations.

Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer.State the condition for a consumer's utility maximizing choice and illustrate graphically.

Answer 2

Question

Chapter 19, Problem 1CQQ

To determine

Example of human capital.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is the correct answer.

Explanation of Solution

Option (b)

Education is an important human capital because it represents an expenditure of resources at one time to raise productivity in the future. Since studying latest developments in computer programming enhanced his productivity that enabled him to attain higher income in future, it is considered A human capital. Thus, option ‘b’ is correct.

Option (a)

Compensating differential is the difference in wages that arise to offset the nonmonetary characteristics of different jobs. So option ‘a’ is incorrect.

Option (c)

Under signaling, the choice of being a math teacher is better than spending time for studying. Hence option ‘c’ is incorrect.

Option (d)

There is no mention about receiving above the equilibrium level wages; option ‘d’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Human capital: It is the accumulations of investments in people in the form of education, on-the-job training, etc.

Compensating differential: It is the difference in wages that arise to offset the nonmonetary characteristics of different jobs.

Efficiency wages: It is the above-equilibrium wages paid by firms to increase worker productivity.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 19, Problem 1CQQ

To determine

Example of human capital.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is the correct answer.

Explanation of Solution

Option (b)

Education is an important human capital because it represents an expenditure of resources at one time to raise productivity in the future. Since studying latest developments in computer programming enhanced his productivity that enabled him to attain higher income in future, it is considered A human capital. Thus, option ‘b’ is correct.

Option (a)

Compensating differential is the difference in wages that arise to offset the nonmonetary characteristics of different jobs. So option ‘a’ is incorrect.

Option (c)

Under signaling, the choice of being a math teacher is better than spending time for studying. Hence option ‘c’ is incorrect.

Option (d)

There is no mention about receiving above the equilibrium level wages; option ‘d’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Human capital: It is the accumulations of investments in people in the form of education, on-the-job training, etc.

Compensating differential: It is the difference in wages that arise to offset the nonmonetary characteristics of different jobs.

Efficiency wages: It is the above-equilibrium wages paid by firms to increase worker productivity.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 19, Problem 1CQQ

To determine

Example of human capital.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is the correct answer.

Explanation of Solution

Option (b)

Education is an important human capital because it represents an expenditure of resources at one time to raise productivity in the future. Since studying latest developments in computer programming enhanced his productivity that enabled him to attain higher income in future, it is considered A human capital. Thus, option ‘b’ is correct.

Option (a)

Compensating differential is the difference in wages that arise to offset the nonmonetary characteristics of different jobs. So option ‘a’ is incorrect.

Option (c)

Under signaling, the choice of being a math teacher is better than spending time for studying. Hence option ‘c’ is incorrect.

Option (d)

There is no mention about receiving above the equilibrium level wages; option ‘d’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Human capital: It is the accumulations of investments in people in the form of education, on-the-job training, etc.

Compensating differential: It is the difference in wages that arise to offset the nonmonetary characteristics of different jobs.

Efficiency wages: It is the above-equilibrium wages paid by firms to increase worker productivity.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 19, Problem 1CQQ

To determine

Example of human capital.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is the correct answer.

Explanation of Solution

Option (b)

Education is an important human capital because it represents an expenditure of resources at one time to raise productivity in the future. Since studying latest developments in computer programming enhanced his productivity that enabled him to attain higher income in future, it is considered A human capital. Thus, option ‘b’ is correct.

Option (a)

Compensating differential is the difference in wages that arise to offset the nonmonetary characteristics of different jobs. So option ‘a’ is incorrect.

Option (c)

Under signaling, the choice of being a math teacher is better than spending time for studying. Hence option ‘c’ is incorrect.

Option (d)

There is no mention about receiving above the equilibrium level wages; option ‘d’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Human capital: It is the accumulations of investments in people in the form of education, on-the-job training, etc.

Compensating differential: It is the difference in wages that arise to offset the nonmonetary characteristics of different jobs.

Efficiency wages: It is the above-equilibrium wages paid by firms to increase worker productivity.

Answer 6

Chapter 19, Problem 1CQQ

To determine

Example of human capital.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is the correct answer.

Explanation of Solution

Option (b)

Education is an important human capital because it represents an expenditure of resources at one time to raise productivity in the future. Since studying latest developments in computer programming enhanced his productivity that enabled him to attain higher income in future, it is considered A human capital. Thus, option ‘b’ is correct.

Option (a)

Compensating differential is the difference in wages that arise to offset the nonmonetary characteristics of different jobs. So option ‘a’ is incorrect.

Option (c)

Under signaling, the choice of being a math teacher is better than spending time for studying. Hence option ‘c’ is incorrect.

Option (d)

There is no mention about receiving above the equilibrium level wages; option ‘d’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Human capital: It is the accumulations of investments in people in the form of education, on-the-job training, etc.

Compensating differential: It is the difference in wages that arise to offset the nonmonetary characteristics of different jobs.

Efficiency wages: It is the above-equilibrium wages paid by firms to increase worker productivity.

Answer 7

Chapter 19, Problem 1CQQ

To determine

Example of human capital.

Answer 8

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is the correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Option (b)

Education is an important human capital because it represents an expenditure of resources at one time to raise productivity in the future. Since studying latest developments in computer programming enhanced his productivity that enabled him to attain higher income in future, it is considered A human capital. Thus, option ‘b’ is correct.

Option (a)

Compensating differential is the difference in wages that arise to offset the nonmonetary characteristics of different jobs. So option ‘a’ is incorrect.

Option (c)

Under signaling, the choice of being a math teacher is better than spending time for studying. Hence option ‘c’ is incorrect.

Option (d)

There is no mention about receiving above the equilibrium level wages; option ‘d’ is incorrect.

Answer 12

Economics Concept Introduction

Concept Introduction:

Human capital: It is the accumulations of investments in people in the form of education, on-the-job training, etc.

Compensating differential: It is the difference in wages that arise to offset the nonmonetary characteristics of different jobs.

Efficiency wages: It is the above-equilibrium wages paid by firms to increase worker productivity.

Answer 13

Ch. 19.1 - Prob. 1QQ Ch. 19.2 - Prob. 2QQ Ch. 19 - Prob. 1CQQ Ch. 19 - Prob. 2CQQ Ch. 19 - Prob. 3CQQ Ch. 19 - Prob. 4CQQ Ch. 19 - Prob. 5CQQ Ch. 19 - Prob. 6CQQ Ch. 19 - Prob. 1QR Ch. 19 - Prob. 2QR

Example of human capital.

Example of human capital.

Answer to Problem 1CQQ

Explanation of Solution

Want to see more full solutions like this?

Chapter 19 Solutions