Which of the following is the best example of an investment in human capital?
a. on-the-job training received by an apprentice electrician
b. an increase in the number of hours worked per week by a worker in an unskilled laboring job
c. the purchase of company stock by a worker
d. payments into a retirement pension plan by a skilled laborer
A
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If a society moves from a period of time with significant unemployment to a time with full employment, its production possibilities frontier will
A) shift rightward. B) not shift because the society moves from a point inside the frontier to a point on the frontier. C) shift leftward. D) not shift because the society moves from one point on the frontier to a point inside the frontier. E) not shift because the society moves from one point on the frontier to a point outside the frontier.
Which of the following involves payment of part of the face value or principal prior to maturity?
A) fixed-payment loan B) coupon bond C) discount bond D) simple loan
One disadvantage of using the government to provide pure public goods is that everyone receives ________ of the public good and has ________ for the public good.
A. the same amount; a different reservation price B. a different amount; the same reservation price C. the same amount; the same reservation price D. a different amount; a different reservation price
Compared to perfect competition, a monopoly will produce ________ output, and charge a ________ price
A) more; higher B) more; lower C) less; higher D) less; lower