Each resource described in the table is an element of human capital, physical capital, or natural resources. In the following table, choose the correct type of resource illustrated by each example. Human capital Physical capital Natural resources A musical instrument used by a professional band The ability to multitask, which is enhanced through college and internships A body of water used to transport goods from one island to another
What will be an ideal response?
Physical Capital
Human Capital
Natural Resources
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In an English auction, the ________ bidder wins the auction and pays ________.
A) second-highest; the amount of the second-highest bidder B) highest; the amount of the bid C) second-highest; the amount of the bid D) highest; the amount of the second-highest bidder
Which of the following is true of an improvement in technology? a. An improvement in technology shifts the per-worker production upward
b. An improvement in technology shifts the per-worker production downward. c. An improvement in technology increases the concavity of the production possibilities frontier. d. An improvement in technology decreases the concavity of the production possibilities frontier. e. An improvement in technology increases the quantity of input in the production process.
A major reason for the existence of inflationary and deflationary gaps is that
a. corporations do most of the nation's saving. b. saving and investing are done by people with no social conscience. c. consumers do most of the nation's saving. d. saving and investing are done by different groups.
It is best to view the official unemployment rate as a useful but imperfect measure of joblessness
a. True b. False Indicate whether the statement is true or false