Human capital is
a. the same thing as technological knowledge.
b. the same thing as labor.
c. the tools and equipment operated by humans.
d. knowledge and skills that workers have acquired.
d
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In the automobile insurance market, adverse selection occurs when
A) drivers with greater risks buy a policy with large deductibles. B) drivers with greater risks buy a policy with no deductibles. C) uninsured drivers drive recklessly. D) insured drivers drive recklessly.
One reason many people make their own pickles rather than buy them is that
a. they can maintain control over the quality during production b. the total cost of ingredients is the same as the price of store-bought pickles c. firms do not make high-quality pickles d. people place a high value on their time e. firms do not produce goods that can be made at home