An example of human capital would be
A. A computer.
B. A carpenter's saw.
C. Carpentry skills.
D. All of the choices are correct.
Answer: C
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Demand pull inflation occurs when the:
A. price of a key input increases suddenly. B. price level changes in response to changes in the business cycle. C. price of necessity goods increases suddenly. D. business cycle becomes sporadic and unpredictable.
A good way to view macroeconomic equilibrium is:
a. Water at rest in a tub. b. Two opposing forces, like water flowing into and out of a tub but the level remaining constant. c. A state of complete rest, where an economy comes to a complete halt for a brief period. d. A state of rapid change, but one where the adjustment from one level to another is so quick that the shifts are seamless to most observers. e. Where the supply and demand for economic activity equals the supply and demand for political activity.
The deadweight loss from a tax of $2 per unit will be smallest in a market with
a. inelastic supply and elastic demand. b. inelastic supply and inelastic demand. c. elastic supply and elastic demand. d. elastic supply and inelastic demand.
An imperfectly competitive firm has the following total cost curve: C = 100 + 4Q. What is total cost equal to when Q = 10?
What will be an ideal response?