Physical capital is distinguished from human capital because
A. human capital refers only to day laborers.
B. physical capital refers to trained people.
C. physical capital refers to equipment and machinery, whereas human capital refers to trained people.
D. physical capital refers to trained people, whereas human capital refers to equipment and machinery.
Answer: C
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Which of the following terms refers to price elasticity of demand calculated over a range of prices?
A. Unit elasticity B. Cross-price elasticity of demand C. Point elasticity of demand D. Arc elasticity of demand
A decrease in the price of a complement in production leads to
A) no change in the supply of the good in question. B) an increase in the supply of the good in question. C) a decrease in the supply of the good in question. D) a decrease in the quantity supplied of the good in question. E) an increase in the supply of the good in question and a decrease in the quantity supplied of the good in question.