Human capital is
a. a stock of equipment and structures.
b. the result of investments workers make in themselves such as education.
c. a difference in wages that arises to offset the nonmonetary characteristics of different jobs.
d. a characteristic that affects a worker's self-esteem but not her wages.
b
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In exchange for a share of the revenues earned on campus, State U has granted CheapFizz the exclusive right to sell soft drinks in the student union and in vending machines on campus. Prior to the deal, three soft drink companies sold beverages on campus; now no other soft drink company is allowed to sell its products on campus. CheapFizz now has market power due to:
A. network economies in the consumption of soda. B. its exclusive ownership of an input. C. its exclusive license to sell soda. D. economies of scale in the production of soda.
A decrease in the excess reserves banks want to hold, together with people depositing currency into their demand deposit accounts, would: a. increase the money supply
b. decrease the money supply. c. leave the money supply unchanged. d. have an indeterminate effect on the money supply.
The income effect of a wage increase is expected to increase
A. supply of labor. B. supply of goods and services. C. demand for leisure. D. demand for labor.
The price elasticity of demand for eggs is -0.27. Therefore, an increase in the price of eggs will cause:
A. a decrease in egg suppliers' total revenue. B. an increase in the quantity demand of eggs. C. an increase in egg suppliers' total revenue. D. an increase in the demand for eggs.