The term "human capital" refers to how many people must work to produce a product
a. True
b. False
Indicate whether the statement is true or false
False
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Absentee landowners characterize the agrarian system of
(a) Asia. (b) Latin America. (c) Sub-Saharan Africa. (d) all of the above.
Schumpeter’s theory that business cycles are caused by breakthroughs in the form of new products, new machines, or new production techniques is known as the
a. real business cycle theory. b. innovation theory. c. over investment theory. d. technology theory.
If payroll taxes are increased, there will be a
A. Rightward shift of the labor supply curve. B. Leftward shift of the labor supply curve. C. Movement up the labor supply curve to the right. D. Movement down the labor supply curve to the left.
Suppose the equilibrium price in a perfectly competitive industry is $10 and a firm in the industry charges $12. Which of the following will happen?
A) The firm will sell more output than its competitors. B) The firm's revenue will increase. C) The firm will not sell any output. D) The firm's profits will increase.