The set of skills, knowledge, experience, and talent that determine the productivity of workers is called:
A. human capital.
B. physical capital.
C. worker per capita.
D. capital per worker.
Answer: A
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Based on the graph showing the effects of a government budget surplus, when a surplus makes the loanable funds supply shift from S1 to S2, the real interest rate will ______.
a. remain at r1
b. remain at r2
c. rise from r2 to r1
d. drop from r1 to r2
If the production function is Q = K.5L.5 and capital is fixed at 1 unit, then the average product of labor when L = 25 is:
A. 10. B. 1/5. C. 2/5. D. None of the answers are correct.
Professor Plum, who earns $100,000 per year, read in the paper today that the university pays its basketball coach one million dollars per year in exchange for his agreement to remain at the university for at least three more years. The coach earns more than Professor Plum because:
A. universities value sports more than academics. B. the coach has more human capital than does Professor Plum. C. the coach is able to earn economic rent due to his unique talents. D. the demand for sporting events exceeds the demand for college degrees.
Suppose the price change of a good causes no change in quantity demanded, we would say that the item is
A) perfectly elastic. B) perfectly inelastic. C) infinitely elastic. D) unitary elastic.