Explain the distinction between technological knowledge and human capital
Technological knowledge refers to society's understanding about how the world works. Human capital refers to the resources expended transmitting this understanding to the labor force.
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The long-run Phillips curve shows the relationship between the inflation rate and the unemployment rate when the economy is
A) in expansion. B) at full inflation. C) away from potential GDP. D) in recession. E) at full employment.
If the industry in the above figure was perfectly competitive, the level of output would
A) be less than the single-price monopoly level of output. B) be the same as the single-price monopoly level of output. C) exceed the single-price monopoly level of output by 20 units per day. D) exceed the single-price monopoly level of output by 60 units per day.