What is human capital?
A. Immigrant labor
B. Someone who operates heavy equipment
C. Your professor's knowledge of the economy
D. A car assembly line robot
C Answer C uses the definition of human capital on page 35.
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If the government takes over the distribution of some scarce good in a time of a natural disaster and provides the good at no charge to users, what must also be done?
A) The government must produce the good itself. B) Some rationing mechanism must be set up to determine who gets the good. C) Everyone hurt in the natural disaster must get one of the goods. D) nothing E) Because we live in a democracy, the government must use majority rule as the rationing mechanism.
From an economic standpoint, the amount of pollution should be
A. the amount that allows firms to maximize profits. B. zero. C. the amount where firms are earning a normal rate of return on investment. D. at the point at which the marginal benefit from further reduction equals the marginal cost of further reduction.