In the 1980s, Howard was one of the best car phone repairmen in his area. After staying home in the 1990s and early 2000s to take care of his children, Howard wants to go back to work in the phone repair business. Which of the following can be said about Howard?
A. Because car phones are obsolete, Howard's human capital is less valuable.
B. Howard's knowledge of how to repair car phones is obsolete, and his human capital is less valuable now than in 1980.
C. Howard's ability to repair car phones represents an obsolete skill.
D. All of these could be said about Howard.
D. All of these could be said about Howard.
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The "free-rider problem" of public goods refers to a. individuals' refusal to pay taxes
b. individuals' attempts to hide their preferences for collective goods and to avoid paying for them. c. individuals' overuse of collective goods. d. the inelasticity of individuals' demands for public goods.
Into what four categories do economists divide factors of production?
a. land, labor, capital, and entrepreneurship b. land, labor, money, and entrepreneurship c. resources, labor, capital, and entrepreneurship d. resources, labor, money, and entrepreneurship
The equation Y = f(P - Pe) represents the
A. income velocity of money. B. Lucas supply function. C. Keynesian consumption function. D. equation of exchange.
In the classical model, a change in aggregate demand
A. causes changes in both the long-run real GDP and in the price level. B. causes a change in long-run real GDP but not in the price level. C. has no effect on either real GDP or the price level. D. causes a change in the price level but not in the long-run real GDP.