An example of human capital is:
A. a wedding dress.
B. a wrench.
C. plumbing skills.
D. a manual on how to install a sink.
Answer: C
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Higher production indifference curves correspond to larger amounts of one input in relation to a second input.
Answer the following statement true (T) or false (F)
The current demand for money increases when
A) current real income increases. B) future real income decreases. C) the nominal rate of interest increases. D) none of the above.
Given the scenario described, if the market price of hammers decreased from $13 to $11:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. total producer surplus would decrease from $9 to $5. B. total producer surplus would increase from $5 to $9. C. total producer surplus would decrease from $30 to $17. D. total producer surplus would remain unchanged.
Jacinda quit her job as a blackjack dealer where she made $42,000 per year to start her own florist business. Her business expenses are $14,000 per year on rent, $21,000 per year on supplies, and $9,000 per year on part time help. As for her personal expenses, her apartment costs her $12,000 per year and her personal bills are an extra $6,000 per year. What is Jacinda's opportunity cost of running the business?
A. $104,000 B. $86,000 C. $62,000 D. $44,000