Which Of These Best Describes An Investment In Human Capital

Question: What is the best example of a scarce resource found in more developed countries

Answer: Time; people do not take time to go down to the river to get water because it is faster for them to pay for service that would not be provided in a third world.

Question: The government passed a major corporate tax cut, which allowed Albert’s Bookstore to invest the savings in taxes back into its business. The Board voted to give all salary employees a 10% raise. Use the chart to explain the opportunity cost of the Board’s decision.

Answer: Construction of new Macon, Ga. location; The best choice was construction of new Macon, Ga. location. Because the votes for this choice were the next highest, this would be the opportunity cost. Opportunity Cost is the next best choice in a group of trade offs

Question: When a society invest in education how is it improving it’s productivity

Answer: investing in human capital; investing in education improves productivity by investing human capital. Human capital represents skills that population brings to work force. By investing in education a society improving those skills. More skilled workforce is more productive.

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Question: During World War II, what was an opportunity cost of the decision to increase production of military goods?

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Question: What is the opportunity cost of attending technical school versus attending a 4-year college or university?

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Question: Explain how trade could be responsible for the change in the production possibilities curve shown above.

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Question: Freedom to own the factors of production, subsidized transportation services, and involuntary spending and investments are all examples of

Answer: mixed economies; The subsidized services are an example of a command economy, the freedom to own productive resources is a market example, and the involuntary spending is found in a traditional economy.

Question: Why do command economies believe that an authoritarian system is more efficient than the price system for allocating scarce resources?

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Question: In capitalist economies, prices are

Answer: determined by supply and demand.