Which of the following is an example of human capital?
A. The Internet
B. The Google search engine on the Internet
C. Your ability to use Google
D. None of these is an example of human capital.
C. Your ability to use Google
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The base year for a price index is the year_____
a. in which prices were lowest b. in which prices were highest c. in which real output was the largest d. in which prices were stable e. that serves as a reference point
Apple is an American company, but its iPhones are assembled in China. The sale of each iPhone then is counted in China’s GDP as:
A. consumption. B. investment. C. an import. D. an export.
Welfare economics is the study of how
a. the allocation of resources affects economic well-being. b. a price ceiling compares to a price floor. c. the government helps poor people. d. a consumer's optimal choice affects her demand curve.
Which of the following statements is correct?
a. Opportunity costs equal explicit minus implicit costs. b. Economists consider opportunity costs to be included in a firm's total revenues. c. Economists consider opportunity costs to be included in a firm's costs of production. d. All of the above are correct.