If Alexia Is More Educated and Better Trained Than Felix,economists

question 23

Multiple Choice

If Alexia is more educated and better trained than Felix,economists would use the ________ model to predict that Alexia should earn the higher wage.

• A) occupational crowding
• B) winner-take-all
• C) income mobility
• D) human capital
• E) compensating differential

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Definitions:

Student-t

A distribution that looks similar to the normal distribution but has thicker tails, used especially in scenarios of small sample sizes.

Confidence Interval

A tract of values derived by statistical analysis of samples, thought to potentially include the value of a population parameter not yet known.

Sample Variances

A measure of dispersion calculated from a sample of a population, representing the average of the squared deviations from the sample mean.

Population Variances

Population variances measure the dispersion of all data points in a population around the population mean, reflecting the overall variability within that population.