If You Choose to Stay in School Beyond the Compulsory

question 13

Multiple Choice

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)delaying your investment in human capital.
• C)refusing to invest in your human capital.
• D)investing further in your human capital.
• E)wasting your time from an economic standpoint.

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Definitions:

Economies of Scale

Cost advantages achieved by increasing production levels, resulting in lower per-unit costs due to spreading fixed costs over more units.

Long-Run Average Total Cost

A concept in economics that represents the per-unit cost of production in the long term, where all inputs are considered variable.

Scale

Refers to the size or level of operation of a process or system, often used in contexts of production, distribution, or analysis.

Returns to Scale

The change in output resulting from a proportional change in all inputs, where increases can be constant, increasing, or decreasing.