Human capital refers to which of the following?
A) the quantity of goods and services that can be produced by one worker or by one hour of work
B) the accumulated knowledge and skills workers acquire from education and training or from their life experiences
C) manufactured goods that are used to produce other goods and services
D) physical equipment that is made by human laborers, not machines
Answer: B
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In a two-period model with production, a temporary increase in domestic government spending
A) increases domestic output and increases the current account surplus. B) increases domestic output and decreases the current account surplus. C) decreases domestic output and increases the current account surplus. D) decreases domestic output and decreases the current account surplus.
Which of the following is true of the balance of payments accounts?
a. It records only the trade in tangible assets between any two nations. b. It is a record of a country's merchandise trade. c. It records the total external debt used to finance government budget deficits. d. It is recorded biannually in most developed countries. e. It records a country's trade in goods, services, and financial assets with the rest of the world.
If MC > MR,
a. output should be reduced. b. marginal profit is positive. c. there are losses. d. output should be increased.
National income can be calculated by subtracting
a. depreciation from GDP. b. indirect business taxes from GDP. c. depreciation and indirect business taxes from GDP. d. transfer payments and taxes from GDP.