What effect, if any, will a good college education have on your human capital? Explain your answer
What will be an ideal response?
Human capital refers to the skills people possess. These skills can be gained through education, on the job training, and experience. Thus your college education is increasing your human capital.
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GDP does not account for things we do not value or like, and these things are called "economic bads."
Indicate whether the statement is true or false
During the Civil War, __________ fell in the North
a. nominal wages b. real wages c. prices d. All of the above
To say that people make decisions at the margin means that:
a. wait until the last minute before making a decision.
b. weigh the additional costs and additional benefits of small changes.
c. make decisions that determine whether or not they will live their lives on the edge of subsistence.
d. make decisions on issues that are relatively unimportant for their economic well-being.
Economic profit is a key term in economics and is defined as total revenue
a. plus total cost b. minus marginal cost c. minus variable cost d. minus total cost e. minus fixed cost