Which of the following are human capital and physical capital, respectively?
a. for a brick layer: her bricks and her tools
b. for a gas station: the pumps and the cash register
c. for a restaurant: the chefs' knowledge about preparing food and the equipment in the kitchen
d. for a medical office: the building and the doctors' knowledge of medicine
c
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What would be the best description of what we assume about money prices in the short run?
A) Money prices of goods and services vary. B) Money prices of goods and services not related to each other. C) Money prices of goods are fixed. D) Money prices of services are fixed. E) Money prices of goods and services are only temporarily fixed.
If Big Pools charges an annual membership fee of $500 per person for the use of their pool and charges a $4 fee each time a member uses the pool, this is an example of ________.
A) an all-or-nothing offer B) commodity bundling C) a single pricing scheme D) two-part pricing
Diminishing returns to labor occur for two primary reasons: 1) as we keep adding new workers, it becomes increasingly difficult to obtain productivity gains through additional specialization; and 2) each additional worker we add has less land and capital to work with
a. True b. False
Which of the following statements is false?
A) People who live in cities with good weather receive that benefit for free. B) People who own property in cities with good weather receive higher rents, ceteris paribus. C) Housing prices are higher in cities with better weather, ceteris paribus. D) The demand for housing is higher in cities with good weather, ceteris paribus.