In General, as Individuals Undertake Additional Years of Schooling

question 142

Multiple Choice

In general, as individuals undertake additional years of schooling,

• A) their stock of human capital increases.
• B) the marginal productivity of individuals as workers declines.
• C) the marginal benefit to society of the extra years of education increases.
• D) the marginal productivity of individuals as workers becomes negative.

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Definitions:

Main Purpose Doctrine

A legal principle that suggests a promise to pay another's debt is not subject to the statute of frauds if the guarantor's main purpose is to serve their own interests.

Suretyship Provision

A clause in a contract that involves a third party (the surety), who agrees to fulfill the obligations of a debtor to a creditor, should the debtor fail to fulfill their contractual obligations.

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing to be legally enforceable.

Real Estate

Property consisting of land or buildings, along with the natural resources of the land including uncultivated flora and fauna, water, and minerals.