_________ is the investment that individuals make in education, training, and health care that raise their productive capacity.
A. Capital market
B. Human capital
C. Human engineering
D. Private good production
B. Human capital
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The Keynesian model is basically
A) a long-run theory. B) a short-run theory. C) a combination of long- and short-run theories. D) a theory about the economy in both the long run and the short run.
Suppose that the demand for electricity has been found to be price inelastic. The most likely explanation for this finding is that:
A. few substitutes for electricity exist. B. electricity is sold in a monopoly market. C. electricity is a luxury good. D. the fraction of income spent on electricity is large.
When an industry is a natural monopoly,
a. it is characterized by constant returns to scale. b. it is characterized by diseconomies of scale. c. a larger number of firms may lead to a lower average cost. d. a larger number of firms will lead to a higher average cost.
The major distinguishing characteristic of oligopoly is that
A. firms are interdependent. B. firms produce differentiated products. C. firms can influence the price of their product. D. entry into the industry easy.