Which type of resource will improve through more education and training by workers?
A) money
B) physical capital
C) natural resources
D) human capital
Answer: D
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Arthur Laffer's macroeconomic theory and political philosophy are linked. He is a
A. monetarist and a conservative. B. supply-sider and a conservative. C. new classical macroeconomist and a liberal. D. Keynesian and a liberal.
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.
Economics is the study of how people make
A) subjective judgments. B) life easy. C) money. D) choices.
If the Federal Reserve uses open-market operations to lower the interest rates on short-term U.S. government bonds, then as a consequence asset prices:
A. Increase, and the average expected rate of return on assets decreases B. Decrease, and the average expected rate of return on assets increases C. Increase, and the average expected rate of return on assets increases D. Decrease, and the average expected rate of return on assets decreases