Differences in the stock of human capital between nations are an example of a(n):
A) proximate cause of prosperity. B) implicit cause of prosperity.
C) explicit cause of prosperity. D) fundamental cause of prosperity.
A
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Charisse is of the opinion that the interest rate depends on the economy's saving propensities and investment opportunities. Most economists would say that Charisse's opinion is
a. Keynesian in nature, and that her view is more valid for the long run than for the short run. b. classical in nature, and that her view is more valid for the long run than for the short run. c. Keynesian in nature, and that her view is more valid for the short run than for the long run. d. classical in nature, and that her view is more valid for the short run than for the long run.
Suppose that price is below the minimum average total cost but above the minimum average variable cost. In the short run, a firm that is a price taker would:
A. immediately shut down and get out of the industry. B. continue to produce a quantity such that marginal revenue equals marginal cost. C. shut down temporarily, in hopes of restarting in the near future. D. cut price and expand output in hopes of achieving economies of scale