Human capital refers to the:
A. Tools and equipment available to workers
B. Amount of financing available to start-up firms
C. Number of workers available in the economy
D. Education, training, and skills of workers
D. Education, training, and skills of workers
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Assume fixed costs are 470 and labor costs $20 per unit. The first laborer produces 20 units of output. Subsequent hires add 5 units less to production than the previous worker. Thus the second worker adds 15, the third adds 10 etc. If the fifth laborer adds 25 units to the short run production output and the sixth laborer adds 20 units to the total output and the firm can hire all the labor it wants at the going wage we can be sure that
A. average variable cost is increasing. B. marginal cost is increasing. C. average total cost is increasing. D. None of these is correct because all the costs listed are decreasing.
If the State of California decides to raise the drinking age to 25, what would happen to the demand for beer?
A. The demand for beer will shift left. B. The demand for beer will stay the same, but people will move up the demand curve consuming less. C. The demand for beer will shift right. D. One cannot tell what will happen with the information given.
If a perfectly competitive firm produces and sells more output, its _______ will definitely increase.
a) Marginal revenue b) Total profit c) Average total cost d) Total revenue
Which of the following terms describes the situation in which all resources are able to move to to highest-valued uses via voluntary exchange?
A) government intervention B) a market failure C) economic efficiency D) an externality