Which of the following is the best example of an investment in human capital?
a. the purchase of an industrial development bond
b. a graduate student who completed 24 semester units in economics last year
c. the purchase of a lawn mower by a homeowner
d. an unemployed stockbroker who drives a cab in order to pay his bills
b
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Jerry's Jellybean Factory produces 2,000 pounds of jellybeans per month and sells them in a perfectly competitive market. The marginal cost is $3 per pound, the average variable cost is $2 per pound, and the beans sell for $4 per pound. Jerry
A) is maximizing profit. B) is incurring an economic loss and should shut down. C) could increase his profit by producing more beans. D) could increase his profit by producing fewer beans. E) could increase his profit by raising the price of his beans.
The Federal Reserve System is divided into how many districts?
A) 1 B) 5 C) 7 D) 12