Physical capital is distinguished from human capital because
A. human capital refers only to day laborers.
B. physical capital refers to trained people.
C. physical capital refers to equipment and machinery, whereas human capital refers to trained people.
D. physical capital refers to trained people, whereas human capital refers to equipment and machinery.
Answer: C
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The figure above shows short-run cost curves for a perfectly competitive firm. If the price of the product is $8, in the short run the firm will
A) make zero economic profit. B) make an economic profit. C) incur an economic loss. D) None of the above answers is correct because more information is needed to determine the firm's economic profit or loss.
The faculty of Mistaken University is voting on a curricular reform. Members of the faulty have been working on the proposed curriculum for over four years. Some faculty members are going to vote for the reform because so much time and money has already been invested in it. Explain why these faculty members are mistaken in their reasoning.
What will be an ideal response?
Indians and Indian-Americans have played a pivotal role in powering Silicon Valley's digital revolution. The emigration of talented people from countries like India to countries like the United States is often called:
A. credentialism. B. the brain drain. C. Malthusianism. D. outsourcing.
If a person would buy equipment with safety features that cost $100 extra and those features reduce the chance of having a fatal accident by 1/500, the person is implicitly valuing his or her life at a minimum of:
A. $5. B. $50,000. C. $500,000. D. $5,000.