Knowledge, skills, and experience that make an individual more productive and able to earn a higher income are known as:
A) mental capital.
B) human capital.
C) sweat equity.
D) intangible capital.
B
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Which of the following is a valid shortcoming of the use of foreign aid to eradicate poverty?
A) It may not lead to a sizeable increase in physical capital in poorer countries. B) It is difficult to transfer aid to poor countries. C) It can lead to polarization of the world economy. D) It mostly leads to the transfer of resources among rich countries.
One difference between oligopoly firms and firms that are monopolistic competitors is that:
a. the average total cost curves of monopolistic competitors are generally u-shaped, but for oligopoly firms they are not. b. monopolistic competitors choose a level of output such that marginal revenue equals marginal cost, but oligopoly firms generally do not. c. monopolistic competitors face lower costs on average than do oligopoly firms. d. the interdependence among firms is highly significant in oligopoly markets, but not in monopolistically competitive markets.
If two goods are close substitutes:
a. Consumers will always buy the one that has the lower price b. An increase in the price of one causes the demand for the other to decrease c. A decrease in the price of one causes an increase in the demand for the other d. A fall in the price of one will decrease the demand for the other
Under perfect competition, the individual firm's economic profit is 
Figure 42.2
A. zero. B. the larger of the dashed-line boxes. C. between the size of the two dashed-line boxes. D. the smaller of the dashed-line boxes.