FIGURE 14- 1 Suppose an Island Economy Has Only Two

question 88

Multiple Choice

FIGURE 14- 1 Suppose an island economy has only two labour markets - fishing (high skill) and farming (low skill) .There are 1000 males and 1000 females in the labour force.There is an equal distribution of skilled and non- skilled workers among each sex.

-If you choose to stay in school beyond the compulsory minimum period,you are

• A)realizing the benefits of your investment in human capital.
• B)wasting your time from an economic standpoint.
• C)delaying your investment in human capital.
• D)refusing to invest in your human capital.
• E)investing further in your human capital.

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Definitions:

Significance Level

The threshold below which a result is considered statistically significant, indicating the probability of rejecting the null hypothesis when it is true.

Seat Belts

Safety devices designed to secure the occupant of a vehicle against harmful movement that may result from a collision or a sudden stop.

Vehicle Accidents

Incidents involving vehicles which result in damages or injuries, often requiring investigation and analysis for prevention.

Degrees of Freedom

The sum of independent values or measures that can be assigned within a statistical distribution.