In what two ways can education contribute to economic growth?
What will be an ideal response?
Increased knowledge and skills of people complement current investments in physical capital. Education enables a workforce to use its skills to develop new ideas or copy ideas or import them from other nations.
Economics
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Which of the following is an example of an efficiency wage?
a. a higher wage paid to a more experienced worker b. a below-equilibrium wage paid by a small business exempt from minimum-wage laws c. an above-equilibrium wage paid by a firm to reduce turnover costs d. a wage tied to participation in a government-sponsored job training program
Economics
At what price would Juan and the other producers supply the largest quantity of coffee?
a. $2 per pound
b. $3 per pound
c. $4 per pound
d. $5 per pound
Economics