The knowledge and skills acquired by a worker through education and experience is a description of which factor of production?
A. physical capital
B. human capital
C. labor
D. entrepreneurship
Answer: B
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An economy produces only 1,000,000 computers valued at $2,000 each. Of these, 200,000 are sold to consumers, 300,000 are sold to businesses, 300,000 are sold to the government, and 100,000 are sold abroad. No computers are imported. At the end of the year, the computer manufacturers hold the unsold computers in inventory. What is the value of GDP?
A. $2.0 billion B. $0.9 billion C. $1.0 billion D. $1.8 billion
If a contractionary monetary policy is adopted, ________
A) the real interest rate will fall B) real output will increase C) the price level will fall D) the demand for labor will increase
In the above figure, what is the profit-maximizing price and output?
A) $9, 14 B) $13, 14 C) $11, 16 D) $10, 17
Which of the following shocks is most likely to cause an expansion?
a. Defense spending falls b. Defense spending rises c. Defense spending rises and then falls d. Oil prices surge upward e. Oil prices rise slowly