Human capital refers to:
A. the skills and knowledge that enable a worker to be productive.
B. the accumulated financial wealth of households.
C. physical capital owned by households rather than businesses.
D. machinery used by labor in production.
Answer: A
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When the price of only one good rises, the relative price of that good
A) falls. B) rises. C) does not change. D) rises if it is a normal good and falls if it is an inferior good.
"Every point on a demand curve represents a consumer equilibrium in the indifference curve model." Explain why the previous statement is correct or not
What will be an ideal response?
Firms emerge when transaction costs of using the market are less than the cost of hierarchical control
a. True b. False
In the long run, inflation results from increases in a nation's money supply that exceed increases in its output of goods and services
a. True b. False Indicate whether the statement is true or false