The skills, training, and education possessed by workers that contribute to economic growth are known as:
A. Saving.
B. Human capital.
C. Natural resources.
D. Output of labour.
Answer: B. Human capital.
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According to the text, as compared to rich countries, most of the poor countries do not fare well because:
a. they have no oil. b. the people in these countries have limited property rights. c. access to education in these countries is very limited. d. high tariffs in these countries prevent international trade. e. they do not have any natural resources.
When disposable income is 2500, C is
A. 0.
B. 1000.
C. 2000.
D. 2500.
Figure 16.2Consider Figure 16.2, which depicts the supply and demand for coal. Assume coal production creates external costs. If PE and QE are the equilibrium price and quantity of coal without government regulation, a pollution tax on the production of coal would ________ the price of coal relative to PE and ________ the quantity of coal relative to QE.
A. increase; decrease B. increase; not change C. decrease; not change D. decrease; decrease
To encourage economic development a country should do all of the following except
What will be an ideal response?