The set of skills, knowledge, experience, and talent that determine people's productivity as workers is called:
A. physical capital.
B. human capital.
C. investment.
D. educational training.
Answer: B
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Consumer equilibrium requires that the marginal utility per dollar spent be unequal for all goods
a. True b. False Indicate whether the statement is true or false
Which of the following would cause the demand for labor to change?
a. c and e. b. A change in the cost of living. c. Changes in the wage rate. d. Movements along the labor demand curve. e. A change in the price of the good produced.
A major difference between a tariff and a quota is that a tariff:
a. will reduce imports, but a quota generally will not. b. can easily be rescinded, but a quota cannot. c. will reduce the ability of foreigners to obtain the purchasing power to buy a nation's export goods, but a quota will not affect the foreign demand for the nation's exports. d. typically generates tax revenue, while a quota does not.