Explain what human capital is and discuss how changes in human capital can affect output per worker
What will be an ideal response?
Human capital represents the set of skills possessed by labor. In addition to physical capital, changes in H will also cause changes in output. So, an increase in H/N will also cause an increase in Y/N.
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Refer to the figure above. What is the consumer surplus after Barylia opens up to free trade?
A) $75 B) $90 C) $100 D) $125
Everything else held constant, a decrease in net exports ________ aggregate ________
A) increases; demand B) decreases; demand C) decreases; supply D) increases; supply
A shortage means that the quantity demanded is greater than the quantity supplied at the prevailing price
a. True b. False Indicate whether the statement is true or false
In the television broadcasting industry, ________ is an end user and ________ is a platform
A) an advertiser; a TV service provider B) an advertiser; a TV regulatory agency C) a TV service provider; a TV maker D) a TV maker; TV audience