Which of the Following Best Describes What Occurs When Time

question 95

Multiple Choice

Which of the following best describes what occurs when time and resources are allocated to educate and train the labor force?

• A)Human capital is produced.
• B)Increased specialization is enabled.
• C)Firms will be reorganized.
• D)There will be more inventions.
• E)There is learning by doing.

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Definitions:

Initial Endowment

The initial allocation or distribution of resources, goods, or wealth among individuals or entities at the start of an economic experiment or model.

Apples

A type of fruit commonly consumed fresh, cooked, or as juice, recognized for its sweet or tart flavor.

Pareto Optimal Allocation

A condition of resource distribution in which no one person can be made better off without causing detriment to at least another person.

Endowed

In economics, it refers to the initial allocation of income, wealth, or goods to an individual or an entity at the start of an economic analysis or experiment.