An increase in human capital would lead to
a. a decrease in the standard of living
b. an upward shift of the production function
c. a decrease in productivity
d. cutbacks in government skill-training programs
e. a decrease of the capital stock
B
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Economic surplus
A) does not exist when a competitive market is in equilibrium. B) is equal to the sum of consumer surplus and producer surplus. C) is the difference between quantity demanded and quantity supplied when the market price for a product is greater than the equilibrium price. D) is equal to the difference between consumer surplus and producer surplus.
One of the reasons primary credit exists is to:
A. provide banks with a low interest source for long-term capital. B. provide banks with an available source for unsecured lending. C. bail out banks which are in financial trouble. D. provide additional reserves when the open market staff's forecasts are off.