The physical and mental effort people use to produce goods and services is a description of which factor of production?
A. physical capital
B. human capital
C. labor
D. entrepreneurship
Answer: C
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The distinction between M1 and M2 is based on
a. portability-the ease with which an asset can be moved. b. divisibility-the ease with which an asset can be used to make smaller payments. c. liquidity-the ease with which an asset can be converted into cash. d. storability-how long an asset will retain its value.
The poverty rate in 2008 was _________ the poverty rate in 1960.
A. much lower than B. a little lower than C. about the same as D. a little higher than
The percentage of total national income spent on health care in the United States has
A) declined rapidly since 1965. B) remained below the level of inflation. C) risen steadily since 1965. D) remained constant over the last few years.
An income tax leads to double taxation on saving only if consumption is the measure to gauge a person's ability to pay.
Answer the following statement true (T) or false (F)