Every hour, the federal government spends about-
What will be an ideal response?
Answer: $200 million
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If an individual possesses an ability that others cannot acquire, payment to that individual is
a. partly economic rent. b. a return called the real wage. c. a return from investment in human capital. d. comparable to the return to well-trained nurses.
Say's Law implies that:
A. Wages and prices are fixed. B. Full employment equilibrium is unlikely. C. Whatever is produced will be sold. D. Unemployment causes inflation.
Diminishing returns to physical capital means that when the amount of human capital per worker and the state of technology are held fixed, each increase in the amount of physical capital per worker leads to
What will be an ideal response?
A country that is experiencing a balance of payments surplus can correct this situation by:
A. revaluing its currency. B. devaluing. C. keeping its peg as long as possible. D. abandoning its currency in favor of the US dollar or the euro.