Human capital ________ as you work. As a result, the ________ of goods and services ________
A) does not change; quality; does not change.
B) decreases; quantity; decreases.
C) improves; quality; does not change.
D) declines; quality; increases.
E) increases; quantity; increases.
E
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Consider two economies: A and B. If the gap between the growth rate of money supply and growth rate of real GDP is larger in country A than in country B, then according to the quantity theory of money:
A) the inflation rate will be lower in country A. B) the inflation rate will be higher in country A. C) real interest rates will be higher in country A. D) nominal interest rates will be lower in country A.
Someone who knows nothing about the relative quality of a $2 toothbrush and a $7 toothbrush, both available for sale, but chooses to buy the more expensive one, is probably
A) displaying an inelastic demand for toothbrushes. B) judging quality by price. C) violating the law of demand. D) wealthy enough not to care about prices.
Assume the North Island of New Zealand can produce 2,000 fishing poles or 20 kayaks per day and the South Island can produce 1,000 fishing poles or 5 kayaks per day. The South Island has a comparative advantage in producing kayaks
a. True b. False
The forces of demand and supply ensure that at equilibrium
A. there are no shortages or surpluses. B. there are no shortages, but there may be surpluses. C. there are no surpluses, but there may be shortages. D. there may be shortages or surpluses.