The __________ is the belief that work is an obligation and that capital should be reinvested for further profits ratherthan used for immediate enjoyment.
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The __________ is the belief that work is an obligation and that capital should be reinvested for further profits rather
than used for immediate enjoyment.
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- Some types of technological changes reduce the cost of capital. Use the concepts of substitutability and complementarity to discuss how such technological change could be good for some workers and bad for other types of workers.Native-born workers may not be harmed by immigration if it Multiple Choice reduces wages and labor demand is inelastic. reduces the rate of return on capital. increases the rate of return on capital. causes production costs to rise.Earning a college degree has some well-known and well-documented advantageous impacts on an individual. That is the motivation for people to delay their entry into the workforce for four or five years while they earn a baccalaureate degree. However, studies have shown significant positive impacts on the community, the state, and society caused by higher education. For example, states with more college-educated people also display better health conditions, higher earnings, lower crime, more innovation, and a general increased standard of living. In the language of our current module, higher education is a positive externality. The person deciding to attend college is doing it for the benefits she will receive from this new knowledge and experience. However, it is also true that there will be positive spillover effects on her community and state. During the course, we discovered that when an activity also produces a positive externality, the marginal social benefit (MSB) from that…
- Why don’t wages measure the full return to labor? Why is human capital the most important factor of production in a modern economy?Diversifying the workforce is considered as very important for organizations, due to couple of reasons, such as: a. Creating a variety b. Corporate duty C. Creating a pool of talent d. Economic developmentAmong the given choices, which of these is the incorrect statement? a. Female education helps reduce the fertility rate and child mortality rate. b. Improvement in female education and labor force participation helps break the vicious circle of poverty. c. Female education helps reduce participation of women in labor market activities. d. The rate of return on female education is higher than the rate of return on male education.
- Which of the following is NOT an investment in human capital? Group of answer choices Older workers return to school to update their skills. Local governments begin providing free hepatitis vaccinations to any resident who wants one. The Precision Tool Company teaches all its workers how to repair all the machines in the factory. The Ferris Advertising Agency replaces its secretary's typewriters with personal computers.Many economists now advocate retaining the market systemand private property while modifying their workings through governmentregulation. This is known as a: Pure capitalist economyEvolutionary economyMixed economyFree market economyWhich of the following do economists consider to be capital? Multiple Choice a pair of stockings a construction crane a savings account a share of IBM stock
- Is this change labor saving, capital saving, or neutral?Why isn’t money considered a capital resource in economics? Why is entrepreneurial ability considered a category of economic resource, distinct from labor? What are the major functions of the entrepreneur?Answer the following options: (Q#7) What is the connection between education and the economic standard of living for any country? (a) They are closely related. Education (and job training) enhance labor product- ivity, which also raises national production at the collective level. (b) They are largely unrelated. Education serves a goal of personal improvement and allows one person to out-compete others for the best jobs. Q#8) Until recently, the economy in China has grown steadily due to the deliberate emphasis on low skill – low wage factory labor methods. However, China’s economic standard of living is still comparatively low. To achieve a U.S. or German standard of living what should be done? a) China should continue to stress low skill labor intensive methods of productionthat will fully employ its large labor force b) China should shift to more advanced and capital intensive methods…