Economists refer to the talents, training, and education of workers as:
A. human capital.
B. average labor productivity.
C. physical capital.
D. labor supply.
Answer: A
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Which of the following are part of a commercial bank's reserves?
I. cash in the bank's vaults II. loans III. cash in checking accounts A) I only B) I and II C) I and III D) I, II and III
In the circular-flow diagram, which of the following items represents a payment for a factor of production?
a. interest
b. capital
c. spending by households on goods
d. spending by households on services
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
The property rights approach to environmental issues often becomes highly relevant in cases involving _______ .
A. greenhouse gas emissions B. harmful affects of acid rain C. endangered species D. fresh water resources