To measure the amount of human capital available in a country, it would be best to determine _____.
(A) The literacy rate of that country.
(B) The trading partners of that country.
(C) If the nation is rich in natural resources.
(D) The comparative advantage of the most profitable exported goods.
Ans: (A) The literacy rate of that country.
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Which of the following methods of generating federal government revenue was first introduced during the Civil War?
a. the personal income tax b. inflationary finance c. import tariffs d. bond sales
Discuss some of the arguments that help explain why wages and prices rarely fall in a modern economy
If you were told that the exchange rate between the U.S. dollar and the Canadian dollar was 1.2, that would mean that Canadians would have to spend ____ to buy a $12 watch in New York City.
A. 18 Canadian dollars B. 10 U.S. dollars C. 12 U.S. dollars D. 14.4 U.S. dollars
Use the following table for a certain product's market in Marketopia to answer the next question.Quantity Demanded DomesticallyPriceQuantity Supplied Domestically1,400$102,2001,60092,0001,80081,8002,00071,6002,20061,4002,40051,200If Marketopia is entirely closed to international trade, the equilibrium price and quantity would be
A. $6 and 1,400 units. B. $7 and 2,000 units. C. $9 and 2,000 units. D. $8 and 1,800 units.