A person's stock of skills to produce economic value is referred to as:
A) fixed capital.
B) human capital.
C) personal wealth.
D) personal capital.
B
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Security personnel are an important input into the production of major concerts, such as Lady Gaga, and Jay Z & Kanye West. If wages for security personnel rise, then we would expect
A) the supply of major concerts to be unaffected. B) the supply of major concerts to decrease. C) the supply of major concerts to increase. D) the demand for major concerts to increase.
When we compare the income distribution of the United States to those of other countries, we find that the U.S. has
a. an income distribution similar to Japan's. b. an income distribution similar to South Africa's. c. one of the most unequal income distributions. d. a bit more inequality than the typical country.
Proponents of rational expectations theory argued that, in the most extreme case, if policymakers are credibly committed to reducing inflation and rational people understand that commitment and quickly lower their inflation expectations, the sacrifice ratio could be as small as
a. 0. b. 1. c. 4. d. 5.
The Ricardian equivalence theorem suggests that an increase in the government budget deficit created by a tax cut will
A. decrease real Gross Domestic Product (GDP) in the short run, but increase it in the long run. B. increase real Gross Domestic Product (GDP) in both the short and long run. C. increase real Gross Domestic Product (GDP) in the short run, but decrease it in the long run. D. have no effect on real Gross Domestic Product (GDP) in either the short run or the long run.