Human capital differs from physical capital in that
a. human capital is intangible.
b. human capital is tangible.
c. physical capital is intangible.
d. human capital has no cost to acquire.
a
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When more labor is unemployed than the amount at the natural unemployment rate, then real GDP ________ potential GDP
A) is equal to B) is less than C) is greater than D) cannot be compared to
The short-run price elasticity of demand for airline travel is .05, while the long-run elasticity is 2.36 . This means that a significant increase in airline ticket prices will cause airline companies to:
a. collect less revenue from short-notice travelers. b. collect more revenue from travelers who book well in advance. c. lose money on short-notice travelers. d. collect less revenue from travelers who book well in advance. e. lose many of its short-notice travelers.
Which is true to promote economic growth?
a. govts should encourage a relaxation of the child labor laws, to allow younger children to leave school by age 12 in order to work and earn income b. The US govt should often lower taxes on foreign firms who want to locate plants in the US c. Govts should encourage women to have 5 or more babies to foster economic growth d. all
Jose owns his own business. The first three employees can create 10, 12, and 11 widgets per hour. When Jose hires the 4th worker the total production from all employees increased to 40 total widgets per hour. What was the marginal product of the 4th worker?
A. 13 widgets B. 10 widgets C. 33 widgets D. 7 widgets