The saws, lathes, and drill presses that woodworkers at Cedar Valley Furniture use to produce furniture are called
a. human capital.
b. physical capital.
c. natural resources.
d. technological knowledge.
b
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A surplus of labor is eliminated by ________ in the real wage rate and a shortage of labor is eliminated by ________ in the real wage rate
A) an increase; a decrease B) a decrease; an increase C) an increase; an increase D) a decrease; a decrease E) None of the above answers is correct because shortages and surpluses are eliminated by changes in the demand for labor and the supply of labor, not the wage rate.
A scooter uses much less gasoline than does a car. Suppose the price of gasoline rises substantially. Which of the figures above best illustrates how this change affects the demand curve for scooters?
A) Figure A only B) Figure B only C) Figure C only D) Figure D only E) Both Figure A and Figure D
Economists who believe that real GDP may grow slowly because of insufficient demand for investment spending cite three main reasons for the low demand for loanable funds. Which of the following is not one of those reasons?
A) a reduced demand for housing due to slowing population growth B) the continued decrease in the value of the dollar relative to the currencies of major U.S. trading partners C) a smaller capital requirement for modern information technology firms D) the falling price of capital relative to other goods
Jim is planning on attending a football game that costs $40 . He will have to take the day off from the work losing 8 hours of work. His hourly wage is $10 . He estimates it will cost him around $20 for gas and parking at the game. Jim's total economic cost of attending the game equals
a. $80 b. $40 c. $20 d. $140