_________ is the investment that individuals make in education, training, and health care that raise their productive capacity.
A. Capital market
B. Human capital
C. Human engineering
D. Private good production
B. Human capital
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A country that must decrease production of one good in order to increase the production of another
A) must be using resources inefficiently. B) must be producing on its production possibilities frontier. C) must be producing beyond its production possibilities frontier. D) must have private ownership of property.
The regulatory agency responsible for regulating the activities of life insurance companies is
A) the FDIC. B) the Fed. C) the FHLBS. D) the appropriate state agency where the company is operating.
Which of the following statements about income and education in the United States is correct?
a. There is no relationship between income and education. b. At every age, average earnings are higher for those with more education. c. Average earnings are higher for those with more education, but only if they are over the age of 60. d. Average earnings are higher for those with more education, but only if they are under the age of 60. e. Income levels peak at a younger age for those with college educations than they do for those with only elementary educations.
Bob's Baubles, Inc, sells its product for $3 each in a perfectly competitive market. If it increases its workforce from 1,000 to 1,001, its output goes from 615 to 625 per day. Its marginal revenue product for the 1,001st worker is: a. $3
b. $1, 845. c. $30. d. $3,003.