Example of human capital.

Question

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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.

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Students have asked these similar questions

Lorna’s Lumberyard is a monopsony. Lorna estimates that at a wage of $10, 100 workers would be willing to work for her. Similarly, at a wage of $12, 200 workers would be willing to work. Her marginal factor cost is: a. $10. b. $14. c. $120. d. $140. e. $240.

Marshall and Lily work at a local department store.Marshall, who greets customers as they arrive, ispaid less than Lily, who cleans the bathrooms. Thisis an example ofa. a compensating differential.b. human capital.c. signaling.d. efficiency wages.

Your enterprising uncle opens a sandwich shop that employs 7 people. The employees are paid $6 per hour, and a sandwich sells for $3. If your uncle is maximizing his profit, what is the value of the marginal product of the last worker he hired? What is that worker's marginal product?

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.

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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.

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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.

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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

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Chapter 19 Solutions