Human capital is:
A) the set of acquired skills and abilities that workers bring to the production of goods and services.
B) the financial wealth the economy has available to produce goods and services.
C) the ability to produce one of two goods at relatively lower cost.
D) a factor of production only if it occurs naturally.
Ans: A) the set of acquired skills and abilities that workers bring to the production of goods and services.
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During an inflationary gap,
A) the aggregate demand curve and the aggregate supply curve intersect at a level of real GDP that exceeds potential GDP. B) the aggregate demand curve and the aggregate supply curve intersect at potential GDP. C) the aggregate demand curve and the aggregate supply curve do not intersect. D) real GDP is less than potential GDP. E) the price level will fall to restore the long-run equilibrium.
The Dow Jones Industrial Average is:
A. the broadest measure of stock market performance. B. an index that measures the value of purchasing 100 shares in each of the corporations that make up the index. C. an index made up of the stock prices of the 100 largest corporations in the U.S. D. the average price of stock in 30 of the largest companies in the U.S.