Human capital is a combination of inborn and acquired skills, talent, and knowledge.
Answer the following statement true (T) or false (F)
True
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According to your textbook, changes in supply and demand reflect changes in
A) society's overall welfare. B) the plans that buyers and sellers are making. C) the overall efficiency of the market. D) government policy. E) None of the above.
Last year in Candamica, consumption expenditure was $20 billion, interest, rent, and profit were $2.5 billion, government expenditure on goods and services was $7 billion,
net exports of goods and services was $5 billion, and investment was $2 billion. Hence total expenditure was A) $24.5 billion. B) $34.5 billion. C) $36.5 billion. D) $34 billion. E) undetermined without information about imports.
If an agent is risk neutral and a principal is risk averse, which of the following contracts would be efficient in risk bearing?
A) A fixed fee is paid to the agent. B) A fixed fee is paid to the principal. C) An hourly rate is paid to the agent. D) The agent enjoys a share of the profit.
Merit is judged by one's ability to produce
A) what is considered useful by society. B) what is considered valuable by society. C) what is considered beneficial to society. D) all of the above.