An Increase in the Cost of Training to Acquire a Skill

question 174

Multiple Choice

An increase in the cost of training to acquire a skill, which must be paid by the worker,

• A)increases both the supply of and demand for labor in that market
• B)decreases both the supply of and demand for labor in that market
• C)increases the supply of labor and decreases the demand for labor in that market
• D)decreases the supply of labor and increases the demand for labor in that market
• E)decreases the supply of labor only in that market

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Definitions:

Labor Productivity

A measure of the economic output produced per unit of labor input.

Real GDP Per Capita

A measure that reflects the average economic output per person, adjusted for inflation, providing insight into the standard of living across different countries or regions.

Employment Growth Rate

The rate at which job creation increases in an economy over a specified period of time.

Population Growth Rate

The rate at which the number of individuals in a population increases in a given time period, expressed as a fraction of the initial population.