Suppose that a labor economist claims that recipients of economics PhDs gain lit

Question

Suppose that a labor economist claims that recipients of economics PhDs gain little in terms of acquired productive skills from their graduate studies, but instead, the degree simply reflects a high level of inherent mathematical ability.

Which one of the following views of education characterizes the labor economist's perspective?

a)Human capitial

b)Signaling

c)The superstar phenomenon

d)Compensating differentials

Rapper Jay-Z has earned enourmous sumsn of money by supplying creative music to millions of fans. Which of the following statements characterize this market, in which some earn astronomical incomes, while others (who may have similar talent) earn very little? Check all that apply.

a)Technology allows for supplying all customers at low cost

b) The best recording artist earn dramatically more than good or mediocre artists

c)Nearly all customers in the market desire the good supplied by the superstar

d)The best recording artists have high levels of of human capital

Explanation / Answer

A. Human capital = skills

C. Superstar phenomenon = Jay z with skills similar to others even though being a "superstar" simply earns more money.

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