Economists Refer to Expenditures on Training, Education, and Skill Development

question 98

Multiple Choice

Economists refer to expenditures on training, education, and skill development designed to increase the productivity of an individual as

• A) overhead expenditures.
• B) investments in human capital.
• C) non-exhaustive expenditures.
• D) social capital.

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Definitions:

P-value

The probability of observing a statistic as extreme as, or more extreme than, the observed results under the null hypothesis.

Null Hypothesis

A statement asserting there is no significant difference or effect, which researchers aim to test against alternative hypotheses.

Significance Tests

Statistical tests used to determine whether there is enough evidence in a sample of data to infer that a certain condition holds for the entire population.

Alternative Hypothesis

A statement that contradicts the null hypothesis and is tested to determine if the null hypothesis can be rejected.