Human capital is best defined as
(a) the amount of wealth people have.
(b) the amount of money people have to spend on schooling.
(c) human capacities that raise productivity.
(d) the average education level of the population.
C
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John Maynard Keynes ________
A) questioned the classical view that economies move quickly to their long run equilibrium levels B) advocated focusing on short run fluctuations C) carved out macroeconomics as a distinct field in the 1930s D) all of the above E) none of the above
Engel's Law asserts that consumer expenditures on daily food in the aggregate decline as incomes rise. This explains the decreased demand for daily foods and the increased U.S. demand for exotic foods
Indicate whether the statement is true or false
Sarah and Andrew are two traders in a pure exchange economic with two goods, Bikes (B) and Computers (C). Sarah's preferences are described by the Cobb-Douglas Utility function:
US = BS1/3CS2/3 Andrew's preferences are given by: UA = BA1/2CA1/2 Assume the price of Bikes is 1 and the price of computers is p. The initial endowments are BA = 10, BS = 20, CA = 20 and CS = 10. Solve for the competitive equilibrium prices (relative prices) and quantities.
Which of the following would be considered open-access common property?
A) a library B) the world wide web C) a company gym D) broadcast television