The newly industrialized Asian economies have developed by adopting the latest technology and investing in _____.?
Fill in the blank(s) with the appropriate word(s).
?human capital
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Suppose a basket of internationally traded goods that sells for $10,000 in the United States sells for €8,000 in the euro zone. According to purchasing power parity theory, the equilibrium exchange rate should be
a. $2.50 per euro b. $1.50 per euro c. $1.25 per euro d. $1.00 per euro e. $.50 per euro
When a firm can hire all the labor it wants at the competitive market wage, the marginal labor cost is equal to the
a. price of the output b. total cost of labor c. marginal physical product of labor d. wage rate e. change in labor employed
Total cost is
a. the sum of variable cost and fixed cost. b. average variable cost times quantity. c. the sum of average fixed cost and marginal cost. d. the sum of fixed cost and average variable cost.
Costs that are borne solely by the individuals who incur them are
A. transaction costs. B. external costs. C. social costs. D. private costs.