The stock of labor talents and skills is known as
a. a public good.
b. the functional distribution.
c. human capital.
d. enterprise.
c. human capital.
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Infant industries often refer to:
A) the foreign industries. B) the fledgling domestic industries. C) the public sector undertakings. D) the agriculture-based industries.
The thesis of racial inferiority is rather recent
Indicate whether the statement is true or false
For a firm that is a price taker in the product market, all of the following are true except one. Which one is the exception?
a. Marginal revenue product can be found by multiplying price by marginal product. b. Marginal revenue product is the change in total revenue that results from increasing the use of a resource by one unit, other things constant. c. Marginal revenue product is constant at the prevailing price. d. Increased output by the firm has no impact on the price of the product. e. The marginal revenue product curve declines because of diminishing marginal returns.
Which of the following will decrease the demand for fast-food burger workers' labor?
A. More people start working two jobs and eat more fast food. B. The price of pizza, a substitute for burgers, decreases. C. A new technology allows burgers to be produced faster. D. Workers get additional training that increases productivity.