Human capital is:
A. the factories and machinery made by workers.
B. the talents, training, and education of workers.
C. the factories and machinery used by humans in the production process.
D. the financial resources available to humans for investment.
Answer: B
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Imagine that you are an entrepreneur, making designer t-shirts in your garage. Your total cost (in dollars) is given by the equation TC = 300 + 10Q, where Q represents the number of t-shirts you make. Your fixed cost is $________, and your marginal cost is $________.
A. 300/Q; 30 B. 300; 10Q C. 300; 10 D. 300/Q; 10
The demand for oil is inelastic. So, does an increase in the price of oil mean an increase in total revenue or a decrease in total revenue for oil producers?
What will be an ideal response?
Under U.S. law, foreign ________ is (are) illegal in U.S. markets
A) dumping and export subsidies B) dumping only C) export subsidies only D) None of the above are illegal
According to classical economists, in recessions, the government should
A) stimulate the economy to increase demand. B) actively use fiscal policy to combat the recession. C) increase the minimum wage so that poor people will be able to afford necessities. D) eliminate barriers to labor market adjustment, such as burdensome regulations on businesses.