Human capital is best defined as:
A. the productive skills and knowledge that workers acquire from education and training.
B. the substitution of labor for machinery in the production process.
C. any piece of machinery that must be combined with labor to be productive.
D. the exchange of money for real assets.
Answer is A. the productive skills and knowledge that workers acquire from education and training.
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When an imported good has restrictions are placed on it that limits the amount that can be imported and as a result the price of the good increases, the demand curve for that good will
A) shift rightward. B) shift leftward. C) become steeper. D) be unaffected.
Movements up along a particular short run Phillips curve are not consistent with: a. Increases in aggregate demand
b. Movements up along the short run aggregate supply curve. c. Movements up along the long run aggregate supply curve. d. Movements up along a particular short run Phillips curve are consistent with all of the above.
If a country experiences economies of scale in the production of a good, it implies that ______________
Fill in the blank(s) with the appropriate word(s).
.How will an unanticipated decrease in aggregate demand influence equilibrium output in the goods and services market?
What will be an ideal response?