In economic terminology, the accumulated training and education that workers receive to increase their productivity is referred to as
A) entrepreneurship.
B) human capital.
C) labor.
D) physical capital.
Answer: B
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Laws regulating pollution emissions can change the size of the economic pie
Indicate whether the statement is true or false
Mamma's Honey sells locally produced raw honey at an equilibrium price of $12 a jar and an equilibrium quantity of 200 jars. Which of the following is most likely to be true if the government begins to pay a $3-per-jar subsidy to the seller? a. The price paid by buyers will increase
b. The price received by sellers will decrease. c. The quantity demanded by buyers will decrease. d. Total surplus will decrease.
Which of the following is the smallest dollar amount in the United States?
A. Disposable income. B. Personal income. C. Gross domestic product. D. National income.
Assume the market demand for wheat may be written as Q = 45 - 2p + 0.3Y + 1pb where Y refers to income and pb refers to the price of barley. Assuming that wheat and barley both sell for $1, and income is $20, calculate the price elasticity, cross price elasticity and income elasticity for wheat
What will be an ideal response?