The set of skills, knowledge, experience, and talent that determine people's productivity as workers is called:
A. physical capital.
B. investment.
C. human capital.
D. educational training.
C. human capital.
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In a perfectly competitive market that is in long-run equilibrium, which of the following will NOT occur?
A) Firms make only zero economic profit. B) Firms' owners earn a normal profit. C) The price equals the minimum average total cost. D) Entrepreneurs want to enter this industry.
Are returns to a single input and returns to scale one and the same? Explain
Which of the following is true of a competitive price-searcher firm when the market is in a long-run equilibrium?
a. MR < MC < price b. MR < MC = price c. MR = MC < price d. MR = MC = price
Which of the following is not correct?
a. A union is a worker association that bargains with employers over wages, benefits, and working conditions. b. Unions play a much larger role in the U.S. labor market now than they did in the past. c. Unions play a large role in many European countries. d. A union is a type of cartel.