The term human capital refers to
A) labor resources used to make capital equipment.
B) buildings and machinery.
C) people's knowledge and skill.
D) entrepreneurship and risk-taking.
C
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At a perfectly competitive equilibrium with production and trade, the slope of the production possibility curve will be
A) equal to the slope of the price line faced by the consumers. B) steeper than the slope of the price line faced by consumers. C) flatter than the slope of the price line faced by consumers. D) either steeper or flatter than the price line faced by the consumers, depending upon the relative preferences of the consumers.
When a bargaining solution is reached
A) each player receives a net surplus greater than or equal to zero. B) we have a Nash equilibrium. C) the sum of the net surpluses is the Nash product. D) Both A and C.
In a fractional reserve economy where the required reserve ratio is 10%, must it be the case that an initial deposit of $100 increases the total money supply by $1,000? Explain
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.