Mark Recently Graduated with Honours from His College

question 13

Multiple Choice

Mark recently graduated with honours from his college.He has bragged to his friends that his fine academic performance has prepared him so well for a successful career that he can forget school or training in his future.In evaluating the workplace of the future,Mark is:

• A)over confident.Global competition means that flexibility,finding out where jobs are being created,and moving when appropriate are important.
• B)exactly right.His past performance should carry him to success.
• C)completely wrong.Studies show that a college education has little to do with success.
• D)probably right.Specialized training today is a key to continued success in the future.

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Definitions:

Trading Possibilities Curves

Graphical representations that show the different quantities of two goods that a country can produce and trade given the same amount of resources.

Opportunity Cost

The expense incurred from not choosing the next most favorable alternative during decision-making.

Production Possibilities Curves

A graphical representation that shows the maximum attainable combinations of two goods that can be produced with available resources.

Labor Forces

The total number of people aged 16 and over who are either working or actively looking for work.