Human capital is defined as the
A. Knowledge and skills workers possess.
B. Amount of machinery, factories, and buildings an individual owns.
C. Dollar value of all the stocks and bonds an individual owns.
D. None of the choices are correct.
Answer: A
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When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ________ question
A) what B) how C) for whom D) where E) when
All of the following are characteristics of a battle of the sexes game except
A) each player has a tough strategy and a weak strategy. B) the tough strategy and the weak strategy differ for each player. C) each player prefers the Nash equilibrium corresponding to his or her tough strategy. D) each player prefers the same Nash equilibrium.
In a competitive market, every consumer willing to pay the market price can buy a product and every producer willing to sell the product at that price can sell it.
Answer the following statement true (T) or false (F)
Which of the following statements is FALSE regarding consumer choice?
A. Each change in price has a substitution effect and a real income effect. B. Purchasing power has an inverse relationship with the rise in income. C. Diminishing marginal utility is one reason for a downward sloping demand curve. D. When price falls, the consumer chooses in favor of the cheaper good.