Which of the following is not an example of human capital for a college economics professor?
a. years of experience
b. a doctorate in economics
c. chalk
d. what the professor has learned from seminar courses on effective teaching methods
c
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Assuming no change in the effective tax rate on capital, a decrease in the government budget deficit will reduce the current account deficit if and only if the decrease in the budget deficit
A) reduces desired national saving. B) increases desired national saving. C) reduces desired national investment. D) increases desired national investment.
A positive economic statement must be verifiable
a. True b. False Indicate whether the statement is true or false
If two goods are substitutes, an increase in the price of one will cause the demand for the other to decrease
Indicate whether the statement is true or false
Mary has opened a preschool, which involves paying rent on the building, playground improvements, and teacher salaries. She spreads the word through advertising and social media to attract families. During the first year, Mary takes no salary while the school is getting off the ground. Which of these constitutes implicit costs for the preschool business?
a. Attracting families through social media is free, so it is an implicit rather than explicit cost. b. Paying rent is an implicit cost because starting a preschool implies needing a physical location. c. Teacher salaries are an implicit cost because a school must have teachers. d. Forgoing a year’s salary is an implicit cost because it represents a resource contributed by the owner.