Greg learns how to bake from his grandmother. This is an example of
a. human capital, but not technological knowledge
b. technological knowledge, but not human capital.
c. both human capital and technological knowledge.
d. neither human capital nor technological knowledge.
a
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In the 1980s, the U.S. had recessions in ________ and __________.
Fill in the blank(s) with the appropriate word(s).
If consumers can easily switch to a close substitute when the price of a good increases, demand for that good is likely to be:
A. inelastic. B. elastic. C. unit elastic. D. perfectly inelastic.
Short-run movements in nominal exchange rates are primarily due to:
A. inflation differentials. B. changing prices of goods and services in the countries involved. C. changing expected rates of return on domestic and foreign assets. D. changes in exports.
Per capita real Gross Domestic Product (GDP)
A. gives only the welfare of the richest areas of the country. B. does not tell us the welfare level in the country. C. tells us the overall welfare conditions of all the country's citizens. D. gives only the welfare of the country's corporations.