The Idea That Contact with Others with High Levels of Human

question 3

Multiple Choice

The idea that contact with others with high levels of human capital increases ones own human capital is called human capital

• A) contagion.
• B) externality.
• C) transference.
• D) convergence.

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Definitions:

Equilibrium Price

The price at which the quantity of goods demanded equals the quantity of goods supplied, resulting in a stable market condition.

Import Competition

The competition that domestic firms encounter from the products and services of foreign producers.

Trade Barriers

Regulations or policies implemented by countries to control the import and export of goods and services.

Import Quotas

Limits set by a government on the quantity or value of certain goods that can be imported into a country.