Human capital is the amount of
A. capital available to workforce.
B. skill embodied in the workforce.
C. output the labor force can produce.
D. healthy work force in the total population.
Answer: B
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If a 10 percent increase in price causes a 5 percent increase in quantity supplied, then supply is
A) elastic. B) inelastic. C) unit elastic. D) infinite.
When employment discrimination results from the personal prejudices of employers, economic theory suggests that
a. it is costless for employers to discriminate against groups they do not like. b. the wages of employees who are discriminated against will rise. c. an employer who discriminates will experience higher costs. d. discrimination by an employer will reduce production costs since the employer can pay lower wages.
If there is excess demand in the loan able fund market?
A. Interest rates are above equilibrium B. Interest rates are below equilibrium C. Can be expected to rise D. A & C E. B & C
Which of the following is true for a firm with a downward-sloping demand curve for its product?
A) Price equals average revenue but is greater than marginal revenue. B) Price equals average revenue but is less than marginal revenue. C) Price, average revenue, and marginal revenue are all different. D) Price, average revenue, and marginal revenue are all equal.