Human capital is
A. the human resources that perform the function of raising capital.
B. the value of funds that entrepreneurs obtained from other people.
C. what people get from physical capital.
D. the accumulation of skills, training and education of workers.
Answer: D
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The use of discretionary fiscal policy is hampered by i. difficulty of estimating the level of potential GDP. ii. lack of accuracy of economic forecasts. iii
the small impact tax cuts and increases in government expenditure have on aggregate demand. A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
If real wages fall as output rises, then in the classical model it must be the case that
a. labor demand rose. b. labor demand fell. c. labor supply rose. d. labor supply fell. e. none of the above.
When small firms in a concentrated industry merge, it will increase the Herfindahl-Hirshman Index but not change the four firm concentration ratio
a. True b. False Indicate whether the statement is true or false
The slower the rate of capital formation: a. the greater the rate of economic growth
b. the slower the rate of economic growth. c. the greater the rate of population growth. d. the slower the rate of growth of the money supply.