Economists refer to the talents, training, and education of workers as
A. physical capital.
B. average labor productivity.
C. human capital.
D. labor supply.
Answer: C
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Refer to the table below. The perfectly competitive firm has a random demand with a 50 percent chance of being $5 and a 50 percent chance of being $7. What quantity should the firm produce to maximize its expected profit?
The above table summarizes the marginal cost of production at various quantity levels for a perfectly competitive firm.
A) 110
B) 120
C) 100
D) 130
Suppose the short-run price elasticity of demand for airline travel is 0.50, while its long- run elasticity is 2.50 . This means that for 100 short-notice travelers compared to 100 travelers who book well in advance, a significant increase in airline fares now will cause airlines to
a. collect less revenue from the short-notice travelers than from the travelers who book well in advance b. gain travelers who book well in advance but lose short-notice travelers c. lose more revenue from short-notice travelers than from travelers who book well in advance d. collect less revenue from the travelers who book well in advance than from the short-notice travelers e. lose more short-notice travelers than travelers who book well in advance
Marketable debt from the U.S. government in the form of bonds, notes, and bills is known as
a. monetized debt b. crowding out c. derivatives d. Treasury securities e. external debt
A production function measures the relation between
A. input prices and output prices. B. input prices and the quantity of output. C. the quantity of inputs and input prices. D. the quantity of inputs and the quantity of output. E. none of the above