Land, or natural resources, include(s) the fertility of the land, minerals below it, and________?
a. human resources.
b. human capital resources.
c. money.
d. climate.
Ans: d. climate.
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In Figure 3-2, a point such as D
A. cannot be obtained with the current level of resources and technology. B. can never be obtained. C. can only be obtained by a capitalist society. D. represents a misallocation of resources.
Unemployment arising from job search is called:
A) disguised unemployment. B) frictional unemployment. C) structural unemployment. D) cyclical unemployment.
The Taylor rule
A) is a rule stating that money should grow at a constant rate. B) is not considered to be a practical policy rule for central banks to follow. C) dictates that the central bank's target interest rate be responsive to real economic activity and to inflation. D) dictates that the nominal interest rate stay constant in the long run.
To calculate the internal rate of return on a factory that would yield a perpetual future stream of income, one would divide
A) the annual future payment by the cost of the factory. B) the sum of the future payments by the cost of the factory. C) the cost of the factory by the rate of interest. D) the cost of the factory by the annual future payment.