The tasks performed by the chef at your favorite restaurant could be categorized as
A. a service or intangible good.
B. an economic good.
C. a good.
D. All of the above are correct.
Answer: D. All of the above are correct.
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A worker's accumulated investment in education, training, experience, and health is called:
a. derived labor demand. b. collective entrepreneurship. c. seniority. d. human capital.
How are money cost and opportunity cost related to each other?
a. If markets function well, they are closely related. b. They are always identical in any economic system. c. Opportunity cost always exceeds money cost. d. Money cost is less than or equal to opportunity cost. e. In a market economy, they are always equal to each other.
When adding another unit of labor leads to an increase in output that is smaller than the increases in output that resulted from adding previous units of labor, the firm is experiencing
a. diminishing labor. b. diminishing output. c. diminishing marginal product. d. negative marginal product.
Fifteen years ago your parents purchased some land with the idea of selling it later to help pay your college expenses. They purchased the land for $100,000 . They sold if for $180,000 . During the time they held it the price level rose from 80 to 120 . If your parents face a 25% tax rate, what was their real after-tax gain? (Hint: What's the real value of the land in current prices?)