Human capital is
a. a stock of equipment and structures.
b. the result of investments workers make in themselves such as on-the-job training.
c. a difference in wages that arises to offset the nonmonetary characteristics of different jobs.
d. inversely related to the supply of workers.
b
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Refer to Figure 7-2. The loss in domestic consumer surplus as a result of the tariff is equal to
A) $5 million. B) $19.875 million. C) $24.875 million. D) $31.125 million.
Generally speaking, protection from foreign competition benefits:
a. both domestic producers and foreign producers. b. both domestic consumers and foreign consumers. c. domestic consumers and foreign consumers. d. neither domestic producers nor foreign producers. e. domestic producers at the expense of domestic consumers.
As a tax becomes larger, it ______.
a. generates an even level of revenue b. generates proportionately more revenue c. becomes more efficient d. becomes less efficient