The skills, training, and education possessed by workers that contribute to economic growth are known as
What will be an ideal response?
human capital
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The above figure shows the marginal social benefit and marginal social cost curves of chocolate in the nation of Kaffenia. What is the efficient quantity of chocolate to produce each day?
A) zero B) 100 pounds C) 150 pounds D) 250 pounds
Refer to Figure 7-2. With the tariff in place, the United States
A) imports 12 million pounds of coffee. B) imports 18 million pounds of coffee. C) exports 38 million pounds of coffee. D) imports 20 million pounds of coffee.
A recent accounting graduate from a major business school is searching for a place to begin his career as an accountant. This individual is
A) structurally unemployed. B) seasonally unemployed. C) cyclically unemployed. D) frictionally unemployed.
The net change in quantity demanded of a good following a price change
a. is equivalent to the substitution effect b. is equivalent to the income effect c. must decrease as marginal utility rises d. is negative only when the income effect is negative e. reflects both the substitution and income effects