Q: Suppose there are two sectors, call them A [agriculture] and M [manufacturing]. People earn say $5…
A: Income inequality refers to the income gap between the rich and the poor people in the country. The…
Q: 4. Productivity and growth in the 20th century Consider a small island country whose only industry…
A: Productivity refers to the effective utilisation of resources like labour and capital to maximise…
Q: Suppose the conglomerate Enn, Golf & Devour takes monopoly control of the fidget spinner market by…
A: Monopolist is a single seller on the market. Monopolist is the price maker and have high barriers to…
Q: Consider the graph above. It is also in the files folder under the name Short Run and the Long Run.…
A: The decrease in the AD means that the demand in the economy declines and hence the decline in the…
Q: There have been suggestions that the "work ethic" in the U.S. has declined. The claim is that, as a…
A: The indifference curve is the summation of two goods or commodities that provide equal utility to an…
Q: The members of some Central Bank have different numbers of votes: Satrapia 13, Republic 8, Freedonia…
A: Monetary policy is the control of the amount of cash accessible in an economy and the channels by…
Q: Alice and Bob sell used CDs at music festivals. Each is deciding whether or not to set up their…
A: A dominant strategy is a strategy in game theory that provides a player with a higher payoff…
Q: Assume demand is D1 and the industry is in long-run equilibrium. How many firms are in the industry?…
A: Demand is defined as the desire and ability to pay for an individual at various prices at a given…
Q: 5. Refer to the diagram below: 3.50 300 250+ 200 150+ 100+ 50+ 4 Demand 50 (a) If the price of the…
A: Consumer surplus refers to the difference between the price of a good that a consumer is willing to…
Q: If the European Central Bank starts to raise its policy interest rate before the Fed starts to raise…
A: It can be defined as the cost that a borrower has to pay on behalf of lending the money or as a…
Q: The market for pizza has the following demand and supply schedules: Price $4 56789 Quantity Demanded…
A: The market demand curve represents the quantity demanded as a function of prices. The higher the…
Q: On the following graph, use the rectangles once again to shade the areas representing producer…
A: Producer surplus is the difference between the market price and the minimum price a producer is…
Q: QUESTION 42 A consumption tax is likely to increase savings as long as individuals: choose to…
A: A consumption tax is typically levied on the purchase of goods or services and is paid directly or…
Q: Price SRAC1 100 SRAC2 200 300 SRAC3 400 LRAC Output In the long run, which plant size should be used…
A: The LRAC curve shows the lowest long-run average cost of production that a company can achieve with…
Q: 3. The spending multiplier effect Consider a hypothetical economy. Households spend $0.60 of each…
A: It can be defined as a concept that helps in measure the impact of an initial change in spending on…
Q: Assume that the CPI in 1968 was 68 and the CPI today is 285. If a table was sold for $100 today then…
A: CPI stands for Consumer Price Index. It is a measure of the average change over time in the prices…
Q: 4-Trade with Cuba All Sections Free trade rearranges the economy, it creates jobs in some sectors…
A: Free trade is defined as a situation wherein countries can freely trade without any restrictions, no…
Q: 31. Total utility can be thought of as the a. total satisfaction derived from a bundle of goods. b.…
A: In economics, utility refers to the measure of satisfaction, well-being, or happiness that an…
Q: The IS curve illustrates that when income increases,The IS curve illustrates that when income…
A: The IS (Investment-Savings) curve does indeed typically have a downward-sloping relationship between…
Q: The following table shows data on consumption, investments, exports, imports, and government…
A: Gross Domestic Product(GDP): GDP is a measure of the total economic output of a country. It…
Q: Consider the market for automobiles, and draw representative supply and demand curves. a) Suppose…
A: In economics, demand and supply are fundamental concepts that describe the relationship between the…
Q: If the actual budget deficit is $140 billion, the economy is operating $300 billion above its…
A: A occurs when a government, organization, or individual's expenditures (spending) exceed their…
Q: Which of the following creates a negative externality? a. Texting while driving. b. New safety…
A: Externality refers to the cost or benefit that impact a third party that is not directly involve in…
Q: Paper Works Inc. makes paper products and dumps its waste into the Fish River. The waste has harmed…
A: Environmental laws involve standards, arrangements, orders, and guidelines sanctioned and authorized…
Q: QUESTION 22 w 80 40 20 40 30 20 10 " England O) Nether Ⓒ) Cant PP 20 x 40 59 NO 50 40 30 20 Portugal…
A: Note: Since you have posted multiple questions, we will provide the solution only to the first…
Q: Monopolists are price Multiple Choice O O O O Takers, as are competitive firms. Takers, but…
A: Monopoly market structure: This is a market structure with many buyers and a single seller. It has…
Q: What about part B and C? Thank you
A: In this case, we have to discuss the term complementary good. Complementary goods are those goods…
Q: Opportunity Cost and the Gains from Specializ PPF Review Problems What is the opportunity cost of an…
A: The opportunity cost of an extra calculator for Smith is 2 computers. This is because to produce one…
Q: 4) The table above gives the CPI basket for 2012. Suppose that 2012 is the reference base period.…
A: Consumer price index is considered as the average price change that are paid by the consumers in a…
Q: Suppose the government sets the maximum price for a normal doctor's visit at $20, but the current…
A: Government intervention is considered as the regulatory action that influences the decision-making…
Q: 2 The Slutsky equation For each of the following utility functions, U (₁,2)= min{x1, x2} and U(₁, 2)…
A: The Slutsky equation in economics, named after Eugen Slutsky, relates changes in Marshallian…
Q: A country with a population of 120,000 (all over age 16) has 100,000 employed and 10,000 unemployed…
A: The total number of people in an economy who are either employed or actively seeking employment is…
Q: Find the present worth in year 0 for the cash flows shown. Let/= 20.00% per year. (Round the final…
A: Present worth, also known as present value, is the current monetary value of future cash flows or…
Q: Markets usually lead to efficiency for all of the following reasons except: Businesses with high…
A: Efficiency refers to the effective use of available resources to get maximum output by given…
Q: Since an economy's aggregate output measured by real GDP also represents the aggregate income…
A: Expenditure multiplier is the ratio between the change in the real GDP & the change in the govt.…
Q: has an absolute advantage in the production of rye, and Dmitri's opportunity cost of producing 1…
A: Absolute advantage is an economic concept that refers to the ability of a country, firm, or…
Q: Many analysts have argued that the federal government should stop spending money on programs such as…
A: The Federal Reserve, often referred to as the Fed, is the central banking system of the United…
Q: As we learned in the video, Sheldon is trying to decide between purchasing an XBox and purchasing a…
A: Opportunity cost refers to the cost of the foregone opportunity. It is the profit foregone when a…
Q: The diagram to the right shows a market in which a price floor has been imposed. Identify the…
A: Floor price is the minimum price below which a price can not fall. It is mandated by the government.…
Q: A firm faces inverse demand function p(q) = 120 - 4q, where q is the firm's output. Its cost…
A: A firm has following >demand and cost functions:p(q) = 120 - 4q -----------> demand…
Q: Given the following information, determine the final appraisal value of the subject property. Use…
A: Final Appraisal Value: The final appraisal value refers to the estimated or determined worth or…
Q: Suppose a household's income rose from 45k to 60k while their spending on health increased from 2k…
A: Income refers to the monetary or financial earnings received by individuals, households, businesses,…
Q: Refer to the above graph. Which factor will shift AD₁ to AD₂? Multiple Choice The real-balances…
A: It can be defined as a concept that affects the macroeconomic policy of a nation, In this concept…
Q: he market rental price today is high and therefore governed plans to introduce rent controls in the…
A: The rent control refers to the maximum rent that can be charged from the tenants. The owner of…
Q: Price 0 Price 9 9. A B 5 Price 0.₂ Quantity 0 99 Quantity Price ** Quantity 9. 0₂ Which of the four…
A: Demand, in economics, refers to the quantity of a good or service that consumers are willing and…
Q: Suppose that Priya has Cobb-Douglas utility and she spends 1/4 of her income (budget) on good 1, and…
A: The Cobb-Douglas utility function is a mathematical representation used in economics to describe…
Q: 2. Here, again, are the GDP per capita numbers for a number of countries shown in class. But rather…
A: Gross Domestic Product (GDP) per capita is a measure used to assess the average economic well-being…
Q: The figure below depicts the market demand curve a monopoly firm faces. If the monopoly firm…
A: As consumer surplus from a unit of good = maximum price the consumer is willing to pay for that unit…
Q: TB MC Qu. 05-40 (Figure 19.1) Lu's consumer surplus... (Figure 19.1) Lu's consumer surplus is equal…
A: Lu's consumer surplus is equal to:$200$100$300$500
Q: Generate the future value graph of $100, $500, for 1%,2%,5%, 10% interest rate for 10 years. Please…
A: Future value (FV) is a financial concept that represents the estimated value of an investment,…
Explain Human Capital Theory: who are the major contributors and what it is about?
Step by step
Solved in 4 steps
- What does human capital theory assume?Discuss with appropriate illustrations, the lessons that could be learnt from the Human Capital Theory"Human capital theory is not so much wrong as it is incomplete." Explain this statement. What does the theory leave out? What are the strengths of the theory? What questionable assumptions does it make?
- Describe two examples of human capital that you have developed. List three additional examples of human capital you would like to develop and specifically how you might be able to develop it.Discuss the golden rule level of capital using a diagram and explain why it is beneficial?What are some factors that would enhance human capital deepening in the U.S.? Provide example
- Explain the n Capital Theory?Is underdevelopment a domestic or internally induced phenomenon? Explain the implication of extreme gap between rich and poor countries in the world. Identify the different sources of national and international economic growth?Describe two examples of human capital that you have developed. List three additional examples of human capital you would like to develop and specifically how you might be able to develop it. How might this affect your potential income?
- Which of the following concepts best describe ‘social capital’? (a) Skills and qualifications. (b) Affluence and earning potential. (c) Moral values and trust in others. (d) Health and age.During the 1970s, the wages of high school graduates rose more than the wages of college graduates. During that same time, the fraction of high school graduates enrolling in college decreased substantially. Is this decrease in the college enrollment rate consistent with the human capital model of education? Explain (make sure to explain what the human capital model of education is as part of your answer.What is human capital? Is education important in increasing the quality of human capital or not?
