Lydia was born with an aptitude for composing music. This aptitude is an example of
A. property.
B. natural capital.
C. human capital.
D. a compensating differential.
Answer: C
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The Farm Factory, a booth at the local Farmer's Market, sells fresh eggs for $1.50 per dozen and fresh milk for $2.50 per gallon. What is the opportunity cost of buying a gallon of milk?
A) 3/5 of a dozen eggs B) $1.50 C) 1 2/3 dozen eggs D) $2.50
In the 2-factor, 2 good Heckscher-Ohlin model, trade will ________ the owners of a country's ________ factor and will ________ the good that uses that factor intensively
A) benefit; abundant; export B) harm; abundant; import C) benefit; scarce; export D) benefit; scarce; import E) harm; scarce; export
The economic way of thinking will help you
A) make decisions in financing your home. B) decide whether the U.S. government should encourage or discourage immigration. C) make better decisions concerning your education. D) all of the above
The perfectly competitive model is most likely to apply to a labor market in which
a. many well-informed firms must negotiate with one dominant labor union b. there are a few firms, and they are uninformed about the attributes of each worker c. there are many workers currently in the market who must negotiate with one dominant firm d. there are many well-informed workers and firms, and each worker appears the same to firms e. one dominant labor union must negotiate with one dominant firm