Which factor of production does human capital enhance?
i. land
ii. labor
iii. capital
A) i only
B) ii only
C) iii only
D) i and ii
E) i, ii, and iii
B
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Explain how an economist is like an engineer. Give an example.
What will be an ideal response?
Table 25.2Pool SweeperOutput (Revenue)Market Share (%)North Star$20,000 Hurricane$16,000 Blue Lagoon$2,000 Clean Sweep$2,000 Refer to Table 25.2. Assume there are only four firms in the pool sweeper industry. What is the Herfindahl-Hirschman Index for this industry?
A. 4,125. B. 50. C. 4,150. D. 2,500.
If Italy can produce grapes at a lower opportunity cost than any other nation, Italy is said to have a(n) ________ in the production of grapes.
A. autarky B. absolute advantage C. comparative disadvantage D. comparative advantage
Whenever indifference curves have kinks, marginal willingness to pay curves have horizontal "flat spots".
Answer the following statement true (T) or false (F)