In the US ,Each Additional Year of Schooling Has Historically Raised a Raised

question 155

Multiple Choice

In the U.S. ,each additional year of schooling has historically raised a person's wage on average by about

• A)5 percent.In less developed countries the gap between the wages of educated and uneducated workers is smaller.
• B)10 percent.In less developed countries the gap between the wages of educated and uneducated workers is smaller.
• C)5 percent.In less developed countries the gap between the wages of educated and uneducated workers is larger.
• D)10 percent.In less developed countries the gap between the wages of educated and uneducated workers is larger.

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Definitions:

Shut-Down

A temporary or permanent cessation of operations in a business or factory, often due to financial difficulties or external factors.

Marginal Costs

The additional cost incurred from producing one more unit of a product or service.

Fixed Costs

Expenses that do not fluctuate with changes in production level or sales volume, such as rent or salaries.

Short Run

A period in economic analysis during which some factors of production are fixed, affecting production and cost decisions.