Multiple Choice
Which of the following is the first step of the consumer decision-making process?
34
views
0. Basic Principles of Economics
Introduction to Economics
Struggling with Microeconomics?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following is a reason to invest in human capital?
A
To lower the level of technological advancement
B
To increase individual productivity and potential earnings
C
To decrease the demand for goods and services
D
To reduce the supply of labor in the market
Verified step by step guidance1
Understand the concept of human capital: Human capital refers to the skills, knowledge, and experience possessed by an individual that can be used to create economic value.
Recognize that investing in human capital typically involves activities like education, training, and health improvements, which enhance an individual's productivity.
Analyze each option in the context of human capital investment: lowering technological advancement is counterintuitive since human capital often supports technological progress.
Consider how increasing individual productivity and potential earnings aligns with the purpose of human capital investment, as better skills and knowledge usually lead to higher output and wages.
Evaluate the other options: decreasing demand for goods and services or reducing labor supply do not directly relate to the benefits of investing in human capital.
Related Videos
Related Practice
Introduction to Economics practice set
Problem sets built by lead tutorsExpert video explanations