Economists refer to expenditures on training, education, and skill development designed to increase the productivity of an individual as
a. overhead expenditures.
b. investments in human capital.
c. non-exhaustive expenditures.
d. social capital.
B
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Demand shows
a. the various quantities people are willing and able to buy at various prices, ceteris paribus. b. the various quantities people are able and willing to buy at various prices. c. the various prices people face when buying. d. how much people buy at one specific price.
Rent is defined as
A. the cost of using land. B. the difference between revenues received for a product less the costs of inputs other than entrepreneurship. C. the payments to an input less the amount needed to induce the factor to be supplied. D. the cost of using factor inputs.
Refer to the table shown. Marginal cost:Output(bicycles per week)Total cost (dollars)110022003310444055806730790081,200
A. decreases and then increases. B. never increases. C. increases and then decreases. D. never decreases.
The marginal physical product of labor is
A. the output of the firm divided by the number of workers. B. the change in total revenues resulting from the addition of one more worker, while increasing one other factor of production. C. the change in output resulting from the addition of one more worker, adjusting the level of the capital stock accordingly. D. the change in output resulting from the addition of one more worker, holding other factors of production constant.