When a worker learns how to use a new business-related software program, this is an example of investing in:
A. the stock market.
B. research and development
C. human capital.
D. physical capital.
Answer: C
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According to the Solow model, technological progress will cause output to increase for two reasons. What are these two reasons?
What will be an ideal response?
Which of the following is most likely to be preferred by economists as a relatively more efficient measure to reduce pollution?
a. Marketable permits b. A command-and-control regulation c. Corrective subsidies d. Pollution charges
Sport Tee Corporation manufactures T-shirts bearing the logos of professional football teams. The wholesale market for sport T-shirts is perfectly competitive. The manager forecasts the wholesale price of T-shirts next year to be $7.00. The firm's estimated marginal cost isSMC = 12 ? 0.005Q + 0.0000008Q2where Q is the number of T-shirts produced and sold each month. Sport Tee Corporation will have a fixed cost of $2,000 per month. At the profit-maximizing level of output total revenue will be
A. $35,000 B. $15,000 C. $20,000 D. $10,000 E. $25,000
Two firms compete as a Stackelberg duopoly. The inverse market demand they face is P = 62 ? 4.5Q. The cost function for each firm is C(Q) = 8Q. The outputs of the two firms are:
A. QL = 35; QF = 6. B. QL = 6; QF = 3. C. QL = 48; QF = 24. D. None of the answers is correct.