The two basic ways for workers to acquire human capital are
A) formal education and "learning by doing."
B) purchases in the capital market and trade.
C) increases in the capital stock and increases in total factor productivity.
D) training and intuition.
A
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Rent seeking refers to the asking prices for goods and services being sold on the black market
Indicate whether the statement is true or false
Suppose a monopolistically competitive firm's output where marginal revenue equals marginal cost is 66 units and the price corresponding to this quantity is $18. If the average total cost at this output is $16.55, then its total profit is
A) $1,188. B) $1,092.30. C) $95.70. D) $1.45.
Refer to Table 20-11. Suppose an economy has only three goods and the typical family purchases the amounts given in the table above. If 2011 is the base year, then what is the CPI for 2016?
A) 40.08 B) 100 C) 180 D) 208
For a profit maximizing monopolist, if the MC = 10 and price is set to be 20, then the elasticity at this price is
A) -2. B) -1. C) -0.5. D) 0.