The ability to read, write, and run calculations are examples of human capital.

When the marginal cost of producing sweet potatoes equals the marginal benefit, the sweet potato producer has:

a. incurred economic losses. b. reached the optimal quantity to produce. c. minimized the total costs of production. d. avoided incurring any opportunity costs.

A period of expansion in the business cycle ends when

A) the business cycle reaches its peak. B) the business cycle reaches its trough. C) real GDP is less than potential GDP. D) real GDP is equal to potential GDP.