Which of the following is true of resources?
a. Capital resources include manual labor.
b. Natural resources are available in nature and are available at a zero price.
c. Labor includes the skills and training people acquire to use in production.
d. Technological know-how is an example of a natural resource.
e. Human capital is the technical term for a robot.
c
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Terrell, an auto repair mechanic who remains unemployed because he refuses to work for less than $1,000 an hour, is
a. counted as part of the labor force. b. considered frictionally unemployed. c. an underemployed worker. d. not counted as part of the labor force. e. considered as productively active.
Which of the following statements is not correct about a market in equilibrium?
a. The price determines which buyers and which sellers participate in the market. b. Those buyers who value the good more than the price choose to buy the good. c. Those sellers whose costs are less than the price choose to produce and sell the good. d. Consumer surplus will be equal to producer surplus.