Education and training of workers would best be categorized as
A. physical capital.
B. labor.
C. human capital.
D. land.
Answer: C
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The ability to produce a good using fewer resources than someone else is called
A) absolute advantage. B) comparative advantage. C) specialization. D) protectionism.
If the current unemployment rate is 5%, under which of the following circumstances would you expect the Fed to use contractionary monetary policy?
A) if the inflation rate is above 5% B) if the inflation rate is below 5% C) if the natural rate of unemployment is below 5% D) if the natural rate of unemployment is above 5%
A market system solves the
a. "what" and "how" decisions but not the "to whom." b. "what" and "to whom" decisions but not the "how." c. "how" and "to whom" decisions but not the "what." d. "what," "how," and "to whom" decisions.
Because the cost of healthcare as a percent of GDP rises and as a result productivity gains tend to fall, it is said the healthcare industry suffers from ________________________.
Fill in the blank(s) with the appropriate word(s).