Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 19, Problem 5PA
To determine
Signaling versus human capital.
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Would reducing inequality have any benefits for society in general? Specifically, would reducing inequality benefit middle class and upper class households? If so, how?
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two theories of education: human capital and signaling. Economists have estimated fairly large "sheepskin" effects, where wages increase significantly when someone earns a degree. Do you think these sheepskin effects are consistent with the human capital theory of education or signaling? Carefully explain.
Do you think these theories could both hold some merit in the real world? Carefully explain.
Suppose a worker with an annual discount rate of 8 percent currently resides in Chicago and is deciding whether to remain there or to move to Phoenix. There are three work periods left in the life cycle. If the worker remains in Chicago, he will earn $40,000 in each of the three periods. If the worker moves to Phoenix, he will earn $43,500 in each of the three periods. What is the highest cost of migration that a worker is willing to incur and still make the move?
Chapter 19 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
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- "Do Men and Women Earn the Same Amount?" Please give a reason behind your answer.arrow_forwardDuring 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.arrow_forwardHow weak reserch culture in society affects Lack of job and career options? Explain in detail.arrow_forward
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