What is human capital, and how does it affect U.S. productivity?
What will be an ideal response?
Human capital is the knowledge and skills possessed by the workforce. The U.S. economy has invested heavily in human capital through education and job training. The high productivity of the U.S. economy is the direct result of the high quality of its resources, including well-educated workers.
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An increase in government expenditure on goods and services leads to the
A) aggregate supply curve shifting rightward. B) aggregate supply curve shifting leftward. C) aggregate demand curve shifting rightward. D) aggregate demand curve shifting leftward. E) potential GDP increasing.
Classify the following goods as private goods, common pool resources, club goods, or public goods
a. Health insurance b. Radio spectrum c. A video on YouTube d. A mosquito control program in a city e. A library's collection of e-books
Other things remaining unchanged, which of the following is a determinant of the quantity supplied of a good?
a. The cost of inputs used in production b. The price of the product c. The income levels of consumers d. The price expectations of producers e. The preferences of consumers
The _____________ indicates the least costly way of producing each output level when all inputs can be varied.
Fill in the blank(s) with the appropriate word(s).