In economics, the accumulated skills and training that workers have is known as
A) human capital.
B) entrepreneurship.
C) physical capital.
D) innovation.
Answer: A
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The average productivity of capital is defined as the ratio of total capital employed to the total output produced
a. the extra output produced by employing one more unit of capital while holding other inputs constant. b. the extra output produced by employing one more unit of capital while allowing other inputs to vary. c. the ratio of total output produced to the quantity of capital employed. d.
When the government bans a good:
A. it makes acquiring that good illegal. B. the cost of breaking the ban changes the trade-offs consumers face. C. it is attempting to solve the nonexcludability problem. D. All of these statements are true.
The advantages of maintaining monopolies:
A. always outweighs the total welfare costs due to lost surplus. B. never outweighs the total welfare costs due to lost surplus. C. sometimes outweighs the total welfare costs due to lost surplus. D. is a normative argument that has no right answer.
Refer to the normal-form game of price competition shown below.Firm AFirm B??CD?A0,75,2?B5,10,8Which of the following represents firm B's full strategy space?
A. {A, B} B. {A, C} C. {(A, C), (A, D), (B, C), (B, D)} D. {C, D}