Empirical Evidence Based on Analysis of Education Attainment Suggests That

question 60

Multiple Choice

Empirical evidence based on analysis of education attainment suggests that:

• A)innate ability is the most important determinant of wages
• B)students in states with compulsory schooling laws did not have higher wages than those in other states
• C)almost all wages can be explained by factors linked to the signalling theory
• D)education does increase the marginal productivity of workers

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Definitions:

Markup

The amount added to the cost price of goods to cover overhead and profit.

Manufacturing Cost

The total expense incurred in the process of producing goods, including materials, labor, and overhead.

Selling Prices

The amount of money charged for a product or service, determined by cost, competition, and market demand.

Unit Product Cost

The sum of materials, labor, and overhead expenses divided by the quantity of units manufactured.