Human capital is
a. an important determinant of wages, but it does not affect the production of goods and services.
b. an important determinant of wages, and it affects the production of goods and services.
c. a specific type of physical capital made by humans rather than machines.
d. very different from physical capital in that physical capital represents an investment, while human capital does not represent an investment.
b
You might also like to view...
Suppose the demand curve for a good is given by the equation P = 200 - 1/2 Q and the supply curve is given by the equation P = 50 + 1/4 Q, where P represents the price of the good (measured in dollars per unit) and Q represents the quantity of the good (measured in units per week).
(i) Find the equilibrium price and quantity for this market. (ii) Suppose the government imposes a sales tax of $9 per unit on this good. Find the new formula for the demand curve, the new equilibrium quantity, the post-tax price received by suppliers, and the post-tax price paid by demanders. (iii) What fraction of the economic burden of this tax is borne by demanders and what fraction is borne by suppliers?
Refer to Figure 17-1. Suppose the market price of doilies rises to $3. What happens to the curve given in the diagram?
A) There will be a movement along the curve. B) Nothing, because labor's productivity has not changed. C) The curve shifts to the right. D) We cannot answer the question without knowing if Dale would want to hire more workers.
Government bureaus are likely to be very inefficient because:
a. they are overly concerned with profit-maximization b. they face intense competition c. they seek to fulfill their mission and then dissolve d. none of the above
What is meant by scientific method?
What will be an ideal response?