Human capital is the amount of
a. capital available to workforce.
b. skill embodied in the workforce.
c. output the labor force can produce.
d. healthy work force in the total population.
b
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Standardized goods and services refers to those that:
A. are interchangeable. B. have close substitutes. C. are unique. D. are regulated by the government.
No tax can lead the economy to higher levels of efficiency.
Answer the following statement true (T) or false (F)
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
During a period of expansionary monetary policy
A. the price level is decreased, which leads to a decrease in the money supply. B. the price level is increased, which leads to an increase in the money supply. C. the rate of growth of the money supply is increased, leading to an increase in the price level. D. the rate of growth of the money supply is reduced, leading to a decrease in the price level.