The value of human capital can decrease when:
A. machines can be taught to do what people used to have to do.
B. someone forgets how to do something that was valuable in his work.
C. the skills someone possesses are no longer needed.
D. All of these are examples of a decrease in human capital.
Answer: D
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The above figure shows three possible average total cost curves
If all firms in a perfectly competitive industry each have an average total cost curve identical to ATC1, each produce 30 units, and the market price of the good is $16 per unit, then the firms A) make zero economic profit and new firms enter the market. B) make zero economic profit and no firms enter or exit the market. C) make zero economic profit and some firms exit the market. D) incur an economic loss and some firms exit the market. E) make an economic profit and new firms enter the market.
Total revenue
a. can be calculated directly from the demand curve. b. can be calculated directly from the average revenue curve. c. is found by multiplying price times quantity. d. All of the above are correct.
If equilibrium is present in a market,
a. there is generally either a shortage or a surplus. b. quantity demanded equals quantity supplied. c. quantity demanded exceeds quantity supplied. d. quantity supplied exceeds quantity demanded.
According to the theory of time allocation, other things constant, the higher the market wage, the higher the opportunity cost of leisure
Indicate whether the statement is true or false