Economists refer to the talents, training, and education of workers as:
A. labor supply.
B. physical capital.
C. human capital.
D. average labor productivity.
Answer: C
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When a tax alters consumers' incentives, it is:
A. always the explicit purpose of the policy. B. sometimes a side effect of a tax designed to raise revenue. C. called a sin tax. D. meant to encourage increased consumption.
The opportunity cost to a consumer who smokes cigarettes consists of the
A. costs imposed on others who inhale second-hand smoke. B. amount of cigarette taxes paid by this consumer. C. product that the consumer could have bought instead of cigarettes. D. cost of complementary products such as lighters, ashtrays, and cigarette holders.
Is it possible for the unemployment rate to rise at the same time that the number of people working increases?
A. yes, if labor force growth outpaces growth in the number of people working B. yes, if established workers keep their jobs but no longer have the option of working overtime C. yes, if the new workers are employed less than full time D. no
A good that has external costs associated with its production will be
A. not produced. B. underproduced. C. overproduced. D. produced at the optimal level.