1) Human capital is: A) capital equipment made by hand. B) accumulated knowledge and skills that make a worker more productive. C) capital equipment that must be operated by humans. D) human labor used in place of machines 2) The equilibrium wage for grocery store cashiers is $15 per hour. Sam's Supermarket just opened, and Sam is planning to hire dock workers to unload food from trucks. He plans to pay them $15 per hour. Relative to working as a cashier, being a dock worker is more dangerous and requires workers to work odd hours. What do we expect to happen? A) Most cashiers will quit their jobs to work as dock workers B) Sam will have lots of workers apply to be dock workers, leading to a labor shortage C) Sam is overpaying dock workers, so he will lower dock worker wages D) Few workers will work for Sam unless he increases dock worker pay 3) The city of Eagleton raises the minimum wage from $9 per hour to $16 per hour. As a result of this minimum wage increase, unemployment increases from 3% to 7%. This suggests that the demand for labor is relatively A) Elastic B) Inelastic Show Transcribed Text