The supply of human capital to a particular use is
a. perfectly inelastic in the short run.
b. perfectly elastic in the long run.
c. more inelastic in the short run since it takes time for persons to acquire a particular skill.
d. more elastic in the short run since individuals who already possess the particular skill can be attracted into the labor force in the short run.
C
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
If the United States experiences an economic boom, compared to other countries, how will this affect the value of the U.S. dollar?
a. It will fall because other nations would be forced to raise their interest rates. b. It will fall because the United States will import more goods and services, leading to an increased supply of dollars. c. It will rise because U.S. GDP would be rising faster than other countries. d. It will rise because the Fed will have to lower U.S. interest rates.
If the economy is producing at point D, the opportunity cost of shifting resources from consumer goods to gain 6 capital goods is _______ consumer goods.
Hypothetical Production Schedule for a Two-Product Economy
What is the main problem with government guarantees that socialize losses and privatize gains?
A. They encourage overly risky investments by insulating private investors from any losses. B. The investments that do occur never generate production of goods underproduced by the private sector. C. They discourage private investment in worthwhile projects. D. They tend to benefit foreign companies at the expense of domestic firms.