Human capital refers to
a. manufactured goods that humans use in the production of goods
b. capital goods that enhance human abilities to produce goods
c. knowledge and skills acquired by labor through education and training
d. unskilled labor, as distinct from physical capital or skilled labor
e. labor and capital used together in production
C
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The principle of increasing opportunity cost leads to
A) a production possibilities frontier (PPF) that is bowed inward from the origin. B) a production possibilities frontier (PPF) that is bowed outward from the origin. C) an inward shift of the production possibilities frontier (PPF). D) an outward shift of the production possibilities frontier (PPF).
An industry with a high concentration ratio might still be competitive if
A) there are no close substitutes for its product. B) its barriers to entry are low. C) its production is geographically concentrated. D) it has a high ratio of value added to sales.
If an economy is stuck in a "bad" equilibrium in the coordination failure model
A) the government should intervene by spending more. B) the government should intervene by spending less. C) the government should promote optimism. D) there is nothing that can be done.
Why is the multiplier principle important?
What will be an ideal response?