Human capital refers to the
A) accumulated financial capital people have acquired.
B) accumulated skill and knowledge of human beings.
C) accumulation of money by human beings.
D) accumulation of money and equipment used by human beings.
E) accumulated equipment used by human beings.
B
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Employing utilitarianism as a measure of the public interest _____
a. is inconsistent with the concept of a social welfare function b. attempts to minimize the problems associated with market failure c. attempts to maximize total utility in a society d. avoids comparing individual's utilities
Which of the following is projected to rise from 8.3 percent of GDP in 2009 to about 13 percent by 2035 and about 20 percent in 2080?
a. Defense spending b. Medicare and Social Security spending c. interest payments on national debt d. infrastructure spending
Refer to the graph below. From the economists' perspective, which is the independent variable and which is the dependent variable?
A. Price is the independent variable and quantity demanded is the dependent variable
B. Price is the dependent variable and quantity demanded is the independent variable
C. Both price and quantity demanded are independent variables
D. Both price and quantity demanded are dependent variables
The value of the marginal product is the:
A. marginal product generated by an additional unit of input times the price of output. B. additional inputs required to produce one more additional unit of output. C. marginal revenue generated by an additional unit of output times the number of workers hired. D. average revenue generated by workers at a firm.