The knowledge and skills acquired by a worker through education and experience is a description of which factor of production?
A) physical capital B) entrepreneurship C) labor D) human capital
D
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If the price of business broadband is greater than that of residential broadband, all else equal,
A) business has greater price elasticity than residential. B) residential has greater price elasticity than business. C) both have positive income elasticity. D) generally speaking, broadband is equally priced.
Figure 11-1
The Red Cross is virtually the only operator of blood banks in the United States. In Figure 11-1 are the demand and cost curves facing the Red Cross blood bank. If the Red Cross were to set price and quantity at the level that it would obtain in the long run in a competitive industry, how much blood would it sell?
a.
OA
b.
OB
c.
OD
d.
OC
Which of the following statements concerning the supply of labor is true?
A. The wage rate has no effect on the supply of labor. B. The labor supply curve is downward sloping. C. The supply of labor is determined by the prevailing wage rate. D. The typical labor supply curve is upward sloping.
What is human capital?
A) a slang term for the underground labor market B) manufactured goods that are used to produce other goods C) accumulated knowledge and skills acquired by a worker D) the manager or owner of a business