Question : The "return on investment in education" is generally measured by:
Option 1: The increase in GDP due to educational expenditures
Option 2: The difference in wages between skilled and unskilled workers
Option 3: The rate of economic growth in a country
Option 4: The level of educational attainment in the population
Correct Answer: The difference in wages between skilled and unskilled workers
Solution : The correct answer is (b) The difference in wages between skilled and unskilled workers.
The return on investment in education refers to the economic benefits or gains that individuals or society can expect to receive from investing in education. One common way to measure this return is by comparing the difference in wages earned by individuals with different levels of education. Typically, individuals with higher levels of education, such as advanced degrees or specialized training, tend to earn higher wages compared to those with lower levels of education or skills. This wage differential reflects the return on investment in education and is often used as an indicator of the economic value of education.
Question : The "skill gap" refers to:
Option 1: The difference in wages between skilled and unskilled workers
Option 2: The disparity in educational attainment across different regions
Option 3: The shortage of workers with specific skills in the labor market
Option 4: The effect of technological advancements on job opportunities
Question : The "rate of return on education" refers to:
Option 1: The interest rate on student loans
Option 2: The increase in wages associated with higher education levels
Option 3: The cost of education compared to the benefits received
Option 4: The growth rate of educational institutions in a country
Question : The concept of "skill premium" refers to:
Option 2: The cost of acquiring new skills
Option 3: The level of skill required for a particular job
Option 4: The market demand for skilled workers
Question : The concept of "jobless growth" refers to:
Option 1: Economic growth without a significant increase in employment opportunities
Option 2: Economic growth driven by the agricultural sector
Option 3: Economic growth accompanied by a decrease in labor force participation
Option 4: Economic growth without any negative impact on the unemployment rate
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