For most Third World countries, the key source of capital accumulation is _____
a. internal debt
b. foreign direct investment
c. domestic business spending
d. domestic saving
e. foreign aid
b
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Answer the following questions true (T) or false (F)
1. The payment received by suppliers of entrepreneurial skills is called wages. 2. In the circular flow model, households demand resources such as labor services in the factor market. 3. In economics, the term "free market" refers to a market where products are traded but not sold.
Education and training of workers would best be categorized as
A) land.
B) labor.
C) physical capital.
D) human capital.
Efficiency wage theory suggests that firms may hold wages ________ the market clearing rate because they believe that the productivity of workers ________ with the wage rate.
A. above; increases B. below; increases C. above; decreases D. below; decreases
Identify the correct statement
a. National income accounting measures only the flow of output between different sectors of an economy. b. National income accounting summarizes the level of production in an economy over a decade. c. National income accounting explains diagrammatically the flow of goods and services and of money expenditures (income). d. National income accounting summarizes and categorizes the productive activity in an economy over a year. e. National income accounting measures the total money supply in an economy.