What are the sources of human capital?
What will be an ideal response?
Human capital, the accumulated skills and knowledge people possess, comes from both formal education and training, and from on-the-job experience. On-the-job experience creates "learning by doing," in which workers become more knowledgeable about the best way to accomplish a task as they do the task.
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
The more inelastic the supply curve in a goods market, the smaller will be the deadweight loss from a per-unit tax in that market.
Answer the following statement true (T) or false (F)
Suppose that the government places a price ceiling in the fish market, and that the ration coupons it issues are bought and sold on a ration coupon market before they are used to purchase fish. Then the
a. excess supply of fish will be eliminated b. price of fish set by the price ceiling would fall c. price of fish set by the price ceiling would rise d. price ceiling must have been too low e. purpose of that price ceiling would be defeated
In the price range where demand is inelastic, a decrease in price will result in a decrease in total revenue.
Answer the following statement true (T) or false (F)