The United States possesses a large amount of human capital. As a result of this fact, in the United States there is a
A) large amount of machinery and equipment.
B) large number of people and a great deal of land.
C) highly skilled and educated labor force.
D) large number of kind and generous humans.
E) large amount of machinery (capital) that is run by people (humans).
C
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Assuming a constant nominal GDP, would the velocity of M1 equal the velocity of M2? Explain.
What will be an ideal response?
Which of the following statements regarding the cheap foreign labor argument is correct?
A. If there is an abrupt change in foreign competition that severely penalizes American workers, the U.S. government should immediately adopt protectionist measures. B. In the long run, labor will be cheap (wages are low) in those nations where labor is most productive. C. If workers in other countries are willing to supply their products with little compensation, this must ultimately raise the standard of living of the average American worker. D. American workers can never suffer from foreign competition since our monetary and fiscal policies always produce high employment at home.
Engineers for The Giffen Record Company determine that a 30% increase in all compact disc inputs will cause a larger percentage increase in output. Assuming that input prices remain constant, you correctly deduce that such a change in inputs will cause ________ as output increases.
A. marginal costs to increase B. average costs to decrease C. average costs to remain constant D. average costs to increase
Refer to the information provided in Figure 1.5 below to answer the question(s) that follow.
Figure 1.5Refer to Figure 1.5. Which of the Panels shows a curve or line that has a slope that is positive and decreasing?
A. A B. B C. C D. D