Human capital refers to
A) the money people have.
B) the wealth people have.
C) the machines workers have to work with.
D) the accumulated skills and training workers have.
D
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Other things constant, the quantity of money demanded varies: a. directly with the market interest rate
b. inversely with the market interest rate. c. inversely with the price level. d. directly with the price level. e. inversely with the unemployment rate.
Profits and losses are TRUE signals because they
A. cannot be misinterpreted by entrepreneurs. B. convey information about where to place resources and reward people who act on the information. C. convey information about true long-run profits. D. reward people who make profits with even more profits and punish those who make losses with even more losses.
Refer to thebelow graph of a representative firm in monopolistic competition. If curve (2) represents ATC and line (3) represents demand, then curve (1) and line (4) would be:
A. MC and TR, respectively
B. AVC and MR, respectively
C. MC and MR, respectively
D. TC and TR, respectively
Define equilibrium as it relates to markets. Describe the process by which a market reaches a new equilibrium. Include an appropriate diagram.
What will be an ideal response?