A man-made resource such as a building or a machine is an example of which resource?
A) entrepreneurial ability
B) labor
C) physical capital
D) human capital
Answer: C
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Both monopolies and monopolistically competitive firms set marginal revenue equal to marginal cost to maximize profit. Given the same cost curves, would you expect prices to be higher in a monopoly or a monopolistically competitive market?
What will be an ideal response?
Which of the following observations concerning labor cost patterns over the last century is true?
a. Average real wages started rising after 1973. b. Hourly compensation rates have fallen dramatically. c. Compensation growth slowed markedly. d. Average hours worked per week have increased by almost 50 percent.
In reading bond quotes:
A. the bid price is usually above the asked price. B. the asked price is usually above the bid price. C. the asked price is fixed over the life of the bond. D. bid and asked prices must be equal as set forth by SEC regulations.
Which type of unemployment does not contribute to the natural rate of unemployment?
A. Frictional B. Real-wage C. Cyclical D. Structural