Which of the following is an example of human capital?
a. the comfortable chair in your dorm room where you read economics texts
b. the amount you get paid each week to work at the library
c. the things you have learned this semester
d. any capital goods that require a human to be present to operate
c
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Which of the following explains why higher prices in the goods and services market measured by the CPI leads to an upward-sloping aggregate supply curve? a. The higher prices will temporarily improve profit margins because the cost of wages and salaries are fixed in the short run. b. The higher prices will reduce the purchasing power of the fixed quantity of money and, thereby, stimulate
additional output. c. The higher prices will expand the economy's resource base and, thereby, stimulate additional output. d. The higher prices will improve technology and, thereby, stimulate additional output.
The enforcement of contracts by the government:
A. allows people to enter into long-term investments more easily. B. encourages economic growth. C. can increase physical capital investment. D. All of these are true.
The ratio of the percentage change in quantity demanded to the percentage change in price is known as the:
A. demand-side shift factor. B. income elasticity of demand. C. price elasticity of demand. D. cross elasticity of demand.
Refer to the information provided in Figure 26.4 below to answer the question(s) that follow.
Figure 26.4Refer to Figure 26.4. During the 1990s, many firms in the United States were investing in new capital. If the economy was originally at Point A, this would have caused a movement to Point
A. E. B. B. C. C. D. D.