Which of the following is true of resources?
a. Capital resources include manual labor.
b. Natural resources are available in nature and are available at a zero price.
c. Labor includes the skills and training people acquire to use in production.
d. Technological know-how is an example of a natural resource.
e. Human capital is the technical term for a robot.
c
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Refer to Figure 16-5. In the dynamic model of AD-AS in the figure above, if the economy is at point A in year 1 and is expected to go to point B in year 2, Congress and the president would most likely
A) increase government spending. B) decrease government spending. C) increase oil prices. D) lower interest rates. E) increase taxes.
Imagine that the U.S. economy is in equilibrium at full employment without inflation where national income is at $6,700 billion. The MPC = 0.8 . If massive flooding along the Mississippi River leads Congress to approve a spending package of $10 billion to aid flood victims, the government must also take which of the following actions to keep the economy in equilibrium at full employment without
inflation? a. increase taxes by $10 billion b. decrease taxes by $10 billion c. cut other government spending programs by $7.5 billion d. increase taxes by $12.5 billion e. decrease taxes by $12.5 billion
If farm price supports gave farmers 80 percent parity in 1950 and 60 percent parity in 1975, then we know that
a. the ratio of farm income to nonfarm income was higher in 1975 than in 1950 b. the ratio of farm income to nonfarm income was higher in 1950 than in 1975 c. the ratio of farm prices to nonfarm prices was higher in 1975 than in 1950 d. the ratio of farm prices to nonfarm prices was higher in 1950 than in 1975 e. farmers were better off in 1975 than in 1950
According to the graph shown, producing 14 units:
A. will earn more profits than producing 9 or 11 units. B. will earn zero profit. C. is not as profitable as producing 11 units. D. will earn negative profits.