Education's Effect on Productivity

question 254

Multiple Choice

Education's effect on productivity:

• A)is believed to be less important than the amount of physical capital a worker has available.
• B)is even more important than increases in physical capital.
• C)has fallen in the past century in the United States.
• D)depends on the wealth of the country.

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Definitions:

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, leading to a decreased cost per unit.

Long-Run Cost

The cost of production when all inputs, including both fixed and variable factors, can be fully adjusted, often leading to economies of scale.

Search Engine

A software system designed to carry out web searches, allowing users to find information on the Internet by typing queries.

Equal Percentage Increase

A situation where all variables increase by the same proportionate rate.