Which of the following is considered human capital?
a. the ingredients a chef uses to prepare meals
b. the pots and pans and other tools a chef uses to prepare meals
c. the financial capital a chef uses to start his own restaurant
d. the skills a chef learns when attending a class about cake decorating
d
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Traditional bank notes promised to pay the bearer a specific quantity of
A) cigarettes. B) consumer goods and services. C) metallic money. D) durable goods. E) interest.
Refer to the figure above. If the monopolist faces a constant marginal cost of $10, at what price should it sell its output?
A) $2 B) $10 C) $12 D) $14
Marginal product is defined as
a. the increase in revenue that occurs when an additional unit of a resource is added b. the increase in output that occurs when all resources are increased by the same proportion c. the increase in output that occurs when an additional unit of a resource is added, holding all other resources constant d. the amount of additional resources needed to increase output by one unit when all resources are increased by the same amount e. the amount of additional money needed to increase output by one unit when all resources are held constant
If production of a good creates beneficial externalities, a perfectly competitive market will produce
a. less output than would maximize profit. b. more output than would maximize profit. c. less output than is socially efficient. d. more output than is socially efficient.