What is meant by the term "human capital"?
What will be an ideal response?
Human capital refers to the skills people possess. These skills help increase the quality of labor. Human capital can be increased through education, on the job training, and experience. The knowledge and skill gained from these improvements are called human capital.
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Newland's net exports for a certain year equal -$2.2 billion, net factor payments from abroad equal $1.3 billion, and net transfers from abroad equal $0.5 billion. What will be the balance in Newland's financial account for the year?
What will be an ideal response?
The CPI for 2012 was 121, and for 2013 it was 132. What was the inflation rate between 2012 and 2013?
A) 9.09 percent B) 11 percent C) 10 percent D) 8.3 percent E) 121.0 percent
Indifference curves are downward sloping because of the assumption of
A) completeness. B) transitivity. C) more is better. D) All of the above.
In a typical year, how accurate are forecasts of inflation and real GDP?
a. within 8-10 percentage points b. within 2-3 percentage points c. within 3/4 of 1 percentage point d. within 1/4 of 1 percentage point