Which of the following is NOT directly related to human capital?
A) a summer internship
B) an MRI machine
C) an understanding of real estate markets
D) a college education
E) knowledge of computer programing
B
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All else being equal, if the price of a product decreases, we would expect
A. quantity supplied to increase. B. demand to increase. C. quantity supplied to decrease. D. supply to decrease.
Nathan drinks three cups of coffee per day. The marginal benefit that he enjoys from drinking the third cup is
A) less than the marginal benefit that he receives from drinking the second cu
Refer to Table 2-10. What is Barney's opportunity cost of making a unicycle?
A) 2 pogo sticks B) 2.8 pogo sticks C) 1.75 unicycles D) 1/2 of a pogo stick
Refer to Figure 13-17. Suppose the firm is currently producing Qf units. What happens if it increases its output to Qg units?
A) It will move from a zero profit situation to a loss situation B) Its average cost of production will fall and its profit will rise. C) It will move from a zero profit situation to a profit situation D) It will be taking advantage of economies of scale and will be able to lower the price of its product.