The human capital model assumes that
a. education is a productive investment that raises total output.
b. education does not change potential productivity, but it does save resources by reducing sorting costs for employers.
c. the educational system is a very expensive process to legitimize the intergenerational transmission of privileged status.
d. such factors as the love of learning should be included in the analysis.
a
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If resources are underemployed, then the economy is producing as much as possible
Indicate whether the statement is true or false
Sam has two jobs, one for the winter and one for the summer. In the winter, he works as a lift attendant at a ski resort where he earns $13 per hour. During the summer, he drives a tour bus around the ski resort, earning $11 per hour. If Sam takes fewer hours of leisure in the summer than in the winter, we can assume that his labor supply curve for the range of earnings in this example
a. is horizontal. b. is vertical. c. is upward sloping. d. has a backward-bending portion.