Which is an example of "capital"?
A) A carpenter's skills
B) A singer's voice
C) A judge's unblemished reputation
D) A blast furnace
E) All of the above.
E
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A disadvantage of the travel cost method is
a. it cannot determine monetary values b. it estimates only user value and not existence value c. it focuses on recreational use making it ineffective for commercial use d. all of the above e. (b) and (c) only
What is the ratio that defines labor productivity?
A) (Y/N) B) (Y/Q) C) (Y/A) D) (Y/K)
If the risk of buying U.S. assets rises because it is discovered that lending institutions had not carefully evaluated borrowers prior to lending them funds, then
a. net capital outflow and the real exchange rate will rise. b. net capital outflow will rise and the real exchange rate will fall. c. net capital outflow will fall and the real exchange rate will rise. d. net capital outflow and the exchange rate will fall.
Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that Joe's marginal cost of staying open per hour is $24. How many hours should Joe stay open?
A. 3 hours B. 4 hours C. 5 hours D. 6 hours