The stock of knowledge, skills, and talents that people possess is called personal capital.
Answer the following statement true (T) or false (F)
False
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What is the difference between a positive and a negative relationship?
What will be an ideal response?
The labor supply curve starts to bend backward at the point where
a. the total utility of leisure exceeds the total disutility of labor. b. the marginal utility of additional income becomes zero. c. the income effect comes to dominate the substitution effect. d. the substitution effect comes to dominate the income effect.
If the equilibrium wage is below the actual wage:
A. the demand for labor will increase. B. the demand for labor will decrease. C. the wage rate will fall. D. the wage rate will rise.
To isolate the impact of one single factor, economists invoke the assumption of
A. Ockham's razor. B. post hoc, ergo propter hoc. C. inductive reasoning. D. ceteris paribus.