If we hold ideas, education, and labor constant, then output (GDP) is a function of
A) human capital.
B) physical capital.
C) the skill of labor.
D) research capital.
Answer: B) physical capital.
Economics
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In a world lacking property rights, it would be ________ to realize the gains from trade and there would be ________ specialization
A) easier; less B) easier; more C) harder; less D) harder; more
Economics
If the basket of goods and services used to calculate the CPI cost $200 in the reference base period and $450 in a later year, the CPI for the latter year equals
A) 200. B) 225. C) 325. D) 450.
Economics