Which of the following is an example of a capital good?
a. an artificial Christmas tree used by a family year after year
b. a sweater worn by a sixth grade student
c. electricity used by a household to heat a swimming pool
d. a pencil used by a shopper making out a grocery list
e. a shovel used by a construction worker
A
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A person goes to college to become an engineer. This is an example of an
A) investment in physical capital. B) investment in human capital. C) increase in entrepreneurship. D) increase in labor.
If the demand for hamburgers increases, it is likely that the demand for fast-food employees will
A) increase. B) decrease. C) stay the same. D) increase at first but then fall rapidly.
Which of the following is not a characteristic of a monopolistically competitive market?
A. There are many firms. B. Firms sell differentiated products. C. Firms have control over price. D. There are substantial barriers to entry.
Refer to the table below. Total revenues will decrease if price rises from:
Answer the question based on the following table which shows a demand schedule.
A. $1 to $2
B. $2 to $3
C. $3 to $4
D. $4 to $5