What is the difference between physical capital and human capital?
What will be an ideal response?
Physical capital includes manufactured goods which are used to produce other goods and services. Human capital refers to the accumulated education, training, and skills that workers possess.
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Since 1959, the U.S. has experienced severe recessions in which three periods?
a. 1964-65, 1981-82, and 1990-91 b. 1974-75, 1981-82, and 2008-09 c. 1960-61, 1974-75, and 2008-09 d. 1960-61, 1981-82, and 2008-09 e. 1969-70, 1981-82, and 2008-09
A major macroeconomic leakage from the circular flow is:
a. Consumption b. Savings c. Saving d. Gross private domestic investment e. All of the above.
As the economy contracts, tax revenues:
A. fall and transfer payments rise, causing the economy to contract by less than it would in the absence of automatic stabilizers. B. fall and transfer payments fall, causing the economy to contract by more than it would in the absence of automatic stabilizers. C. rise and transfer payments rise, causing the economy to contract by more than it would in the absence of automatic stabilizers. D. rise and transfer payments fall, causing the economy to contract by less than it would in the absence of automatic stabilizers.
Liquidity is:
A. sufficient liabilities to cover long-run assets. B. having assets that can be readily converted into cash. C. having liabilities that can be readily converted into cash. D. sufficient assets to cover long-run liabilities.