Which of the following provides the clearest example of human capital?
A) Automated equipment that can be used without any accompanying human labor
B) Corporate stock owned by individuals and families rather than institutions such as mutual funds or corporations
C) Machinery that has been designed and constructed by human beings
D) Tools that cannot be used effectively except in combination with workers
E) The ability to read
E
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In a circular flow model consisting of the household sector, the business sector, product markets, and resource markets:
a. Households are buyers of productive resources b. Businesses are sellers of products c. Resource markets are sellers of products d. Households are sellers of products
If an observed correlation is unlikely to be due to sampling error it has ______.
A) statistical significance B) practical significance C) reliability D) validity
Prices provide signals about resource allocation to all individuals in a ________ system
A) market B) command and control C) central planning D) political
The insurance industry is susceptible to moral hazard problems, but not problems of adverse selection.
Answer the following statement true (T) or false (F)