The accumulation of investments in people, such as education and on-the-job training, is known as
a. physical capital.
b. human capital.
c. efficiency wage.
d. compensating differentials.
b
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Empirical studies suggest that as real GDP per person increases the level of pollution:
A. decreases. B. remains constant. C. first increases then decreases. D. increases.
When the government's expenditures exceed its tax revenues, the budget
A) has a deficit and the national debt is increasing. B) has a surplus and the national debt is increasing. C) is balanced and the national debt is increasing. D) has a deficit and the national debt is decreasing. E) None of the above because by law the government's expenditures cannot exceed its tax revenue.
An increase in aggregate demand in the economy will have what effect on macroeconomic equilibrium in the long run?
A) The price level will rise, and the level of GDP will fall. B) The price level will rise, and the level of GDP will be unaffected. C) The price level will fall, and the level of GDP will fall. D) The price level will fall, and the level of GDP will rise.
Julie works at a local hat factory for $12 an hour and typically works 40 hours a week. The company threatens layoffs, so Julie and the others agree to a pay cut. Julie now earns $10 an hour and works every hour over 40 that her boss will let her. Julie's response to this pay cut was to work:
A. more, demonstrating a dominant income effect. B. less, demonstrating a dominant price effect. C. more, demonstrating a dominant price effect. D. less, demonstrating a dominant income effect.