In economic terminology, the accumulated training and education that workers receive to increase their productivity is referred to as
A) entrepreneurship.
B) human capital.
C) labor.
D) physical capital.
B
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Explain why a movement from a point inside a production possibilities frontier to the production possibilities frontier is described as a free lunch and a movement along a production possibilities frontier is described as a tradeoff
What will be an ideal response?
Monopolistic competition is a market in which ________ firms produce ________ goods and services
A) many; identical B) many; differentiated C) few; differentiated D) few; identical
If the demand curve is less elastic than the supply curve, then:
A. the buyers will bear a greater tax incidence. B. the sellers will bear a greater tax incidence. C. the buyers will bear a smaller tax burden than sellers. D. the sellers will bear a greater tax burden than buyers.