Human capital is defined as
a. the skills and knowledge possessed by workers
b. the tools used by labor
c. equipment and machinery used to train workers
d. buildings purchased by households rather than by businesses
e. equipment and machinery used to aid household production and increase available leisure time
A
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Assume that your state government has placed a price ceiling of $.20 per kilowatt hour on electricity. The equilibrium price per kilowatt hour for electricity is $.25. The government's action will result in
A) a surplus of electricity in the electricity market. B) an increase in the price of electricity to $.25 per kilowatt hour. C) an increase in producer surplus. D) a deadweight loss.
Equilibrium price
What will be an ideal response?
How much cloth production would Calvin lose in a day in order to produce 1-1/2 pounds of food?
a. 1 yard
b. 2 yards
c. 3 yards
d. 4 yards
What impact does the Fed's raising the interest rate have on the money supply and on the price level?
A. An increase in interest rates raises the money supply and eventually reduces prices. B. An increase in interest rates reduces the money demand which will slow the growth in prices. C. An increase in interest rates lowers the money supply and raises the money demand, which will neutralize price increases. D. An increase in interest rates will increase investment spending and GDP, which will lower prices.