Which of the following is the best example of an investment in human capital?
a. an increase in the number of hours worked per week by a worker in an unskilled laboring job
b. the purchase of company stock by a worker
c. a summer internship at a law firm for someone going to law school
d. payments into a retirement pension plan by a skilled laborer
C
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An intermediate good is a good that is
A) neither normal nor inferior. B) used as an input. C) a stand-in for all goods. D) is tangible good that includes substantial services.
The addition to total revenue resulting from one more unit of output is called marginal revenue.
Answer the following statement true (T) or false (F)
Li works for a wage of $9 per hour. He has 50 hours to devote to work or leisure. If his wage rises to $11 per hour, _____
a. he will spend more time working because his opportunity cost of leisure will rise b. he will spend less time working because his opportunity cost of leisure will rise c. he will spend less time working because his opportunity cost of leisure will fall d. he will spend more time working because his opportunity cost of labor will rise
If Country A and Country B have the same total output, then the standard of living in these two countries can be different depending on:
A. population size. B. their respective inflation rates. C. their respective political systems. D. their relative geographic size.