The mental and physical capacity of workers to produce goods and services is known as:
A. labor.
B. entrepreneurship.
C. value judgment.
D. product sensitivity.
Answer: A
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Differences in income can be accounted for by differences in: a. age
b. education. c. preferences toward leisure. d. all of the above.
Diversification
A) maximizes risk. B) maximizes profit. C) minimizes risk. D) minimizes costs.
For production functions with decreasing returns to scale, a proportional increase in output
A. requires a more-than-proportional growth in all inputs. B. exhibits diminishing returns. C. requires proportional growth in all inputs. D. requires a less-than-proportional growth in all inputs.
Suppose the distribution of innate ability is distributed symmetrically throughout a population but that the wage distribution is positively skewed. What most likely explains this?
A. a decreasing Gini coefficient. B. a noncompetitive labor market C. differences in human capital accumulation. D. decreased immigration. E. a regressive tax code.