Human capital is defined as the:
A. amount of workers a firm employs.
B. amount of capital that is operated by workers in a firm.
C. set of skills, knowledge, experience, and talent that determine the productivity of workers.
D. amount of capital that is operated by workers in an industry.
Answer: C
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A sunk cost is one that
a. does not vary with the level of output. b. increases as the firm's production increases. c. measures the value of the firm's self-owned resources. d. can no longer be avoided.
Which of the following is an example of comparative statics?
A) The estimation of the supply of a good when the wage rate of labor changes from $30 to $10 per hour B) The estimation of the ideal number of workers a firm should hire when wage rate is $20 per hour C) The estimation of the quantity demanded of a good when its price is $5 D) The estimation of the demand for a particular good when consumer income is $10
A price floor is
A) the highest possible legal price that can be charged for a good or service. B) usually equal to the equilibrium price established before the government imposed the price floor. C) the lowest legal price at which a good or service can be traded. D) a legal price of zero that can be charged for a good or service. E) almost always equal to the price ceiling.
A decrease in investment causes the price level to ________ in the short run and ________ in the long run
A) decrease; decrease further B) increase; decrease C) increase; increase further D) decrease; increase