Which of the following is an example of human capital?
a. Machines built by people.
b. Formal education acquired in schools.
c. On-the-job training.
d. Both b and c are correct.
d
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If interest rates in the United States fall,
A) the value of the dollar will fall as foreign investors increase their holdings of U.S. investments. B) the value of the dollar will fall as foreign investors decrease their holdings of U.S. investments. C) the value of the dollar will rise as foreign investors decrease their holdings of U.S. investments. D) the value of the dollar will rise as foreign investors increase their holdings of U.S. investments.
Forecasts by the Congressional Budget Office show spending on Social Security, Medicare, and Medicaid rising from 10
1 percent of GDP in 2015 to ________ percent of GDP in 2090, and by 2090 the federal government will be spending, as a fraction of GDP, ________ on these three programs as it currently spends on all programs combined. A) 16.2 percent; half as much B) 19.8 percent; nearly as much C) 16.2 percent; nearly as much D) 19.8 percent; half as much
A firm can capture value through market power or through superior factors of production. The rent earned through the use of superior factors of production is
A. Bushian rent. B. monopoly rent. C. Ricardian rent. D. housing rent.
The ability to produce a good or service at a lower opportunity cost than other producers is
A. intellectual property. B. the quota system. C. absolute advantage. D. comparative advantage.