Education would be considered investments in:
a. physical capital
b. financial capital
c. human capital
d. all of the above
c
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As long as the marginal utility per dollar from pizza is greater than the marginal utility per dollar from soda, then to maximize utility a consumer will buy
A) more soda to equalize the marginal utility per dollar between soda and pizza. B) less pizza and less soda. C) more pizza and less soda. D) equal amounts of pizza and soda.
Suppose the budget constraint is given by 200P + 50S = 400, where P is pizza and S is spinach. If the prices of S and P increase by 10% each then the budget curve will shift to the
A. left with the same slope. B. left but the slope will be different than before. C. right but the slope will be different than before. D. right with the same slope.
In the short run, a supply shock that shifts the short-run aggregate supply curve leftward raises the price level and decreases real GDP
Indicate whether the statement is true or false
?
In Exhibit 3-7, if price happened to currently be $75 in this market, a _______ would result, causing a __________ in price.
A. shortage; increase B. shortage; decrease C. surplus; increase D. surplus; decrease