Which of the following is likely to improve a person's income?
a. increased productivity
b. investing in human capital
c. possessing a special talent or skill
d. all of the above
d
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Referring to a production possibilities curve and the goods being compared, depict the economic event. The economy moves from full employment to a serious recession (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on the curve B. A movement from a point on the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward) E. A movement along the curve
The lack of investment in developing countries is at least in part attributable to:
A. high levels of foreign aid. B. low levels of domestic savings. C. inappropriate education. D. overpopulation.
Flour is an input used to produce bread. Suppose that the price of flour rises. As a result
A. the supply curve for flour will shift to the right. B. the supply curve for bread will shift to the left. C. the supply curve for bread will shift to the right. D. the supply curve for flour will shift to the left.
According to Keynes, once a system attains an economy-wide equilibrium
A. planned investment will be zero. B. the economy will be at full productive capacity. C. there may or may not be excess productive capacity. D. planned consumption will be zero.