The most common type of investment in human capital is
A) having more children per family.
B) the migration of labor in search of better jobs.
C) expanded years of schooling.
D) improved health care and maintenance.
Answer: C
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Money is scarce, but resources are not.
Answer the following statement true (T) or false (F)
A firm that has a great deal of control over the price of a good is said
A) to function in a black market. B) to create a tax incidence. C) to have monopoly power. D) to be in an antitrust position.
One explanation economists offer to explain why a decline in the unemployment rate can raise the rate of inflation rates is that
a. firms will be put in a position of competing more intensely for scarce resources b. people will pay higher prices because competition among the suppliers—the firms—intensifies c. workers will focus more directly on protecting their jobs d. firms will refuse to shift higher labor costs along to consumers for fear of losing their markets e. more workers will drop out of the labor market
The inflation rate in a particular country changed from 4 percent to 8 percent during two subsequent quarters of the same year. As a result, retail outlets had to reprint new sticker prices for their products. This additional cost borne by the retailers because of the inflation is an example of a: a. menu cost
b. shoe-leather cost. c. unit-of-account cost. d. time cost.