According to the textbook, people add to their stock of human capital by
A) divesting of their personal assets.
B) investing in their personal skills.
C) rearranging their pension portfolios.
D) attempting to systematically reduce, rather than expand upon, their human capabilities.
E) engaging in all the above.
B
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The budget line represents a consumer’s preferences for a commodity.
Answer the following statement true (T) or false (F)
If there is a shortage in the market for athletic shoes,
a. the price should rise to eliminate the shortage b. inventories of athletic shoes will grow c. demand will decrease to restore equilibrium d. firms will reduce production to restore equilibrium e. supply will increase to restore equilibrium
Innovation is the process of turning an invention into a marketable product
a. True b. False
The aggregate demand curve shows a ________ relationship between ________ and aggregate output ________.
A. positive; the interest rate; demanded B. negative; the price level; demanded C. positive; the price level; demanded D. negative; the price level; supplied