The concept of human capital describes
A) human skills, that is, the quality of labor.
B) human population, that is, the quantity of labor.
C) the number of machines per employed worker.
D) the number of workers per operating machine.
E) the number of machines (capital) that have been produced by people (humans).
A
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The average cost curve
A. is the vertical summation of the AFC and the AVC curves. B. lies below the AVC curve. C. lies below the AFC curve. D. is the vertical summation of the MC and AVC curves.
Related to the Economics in Practice on p.221 [533]: According to a recent study by Simon Gilchrist, Fabio Natalucci, and Egon Zakrajsek, a one percentage point increase in the interest rate appropriate for a firm'?s borrowing will lead to a
A) drop in investment spending of more than one percentage point. B) rise in investment spending of more than one percentage point. C) drop in investment spending of less than one percentage point. D) rise in investment spending of less than one percentage point.
Suppose the demand curve for a product is vertical and the supply curve is upward sloping. If a per-unit tax is imposed in the market for this product
A) buyers share the burden of the tax with government. B) the tax burden will be shared equally between buyers and sellers. C) sellers bear the entire burden of the tax. D) buyers bear the entire burden of the tax.
Economic status tends to be passed on from one generation to the next _____
a. regardless of the monetary wealth that is transmitted from parents to children b. because of the monetary wealth that is transmitted from parents to children c. in nearly all societies d. a and c