The Sum Total of Knowledge and Skills a Person Possesses

question 54

Multiple Choice

The sum total of knowledge and skills a person possesses is called his or her

• A)human resources.
• B)intelligence
• C)personal property.
• D)human capital.
• E)education.

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Definitions:

Short-run Phillips Curve

A curve illustrating the inverse relationship between the rate of inflation and the rate of unemployment in an economy for a short-term period.

Expected Inflation

The rate at which consumers, businesses, and investors expect prices to rise over a future period.

Long-run Phillips Curve

The long-run Phillips Curve is an economic concept that illustrates the relationship between inflation and unemployment, suggesting that in the long run there is no trade-off between these two factors.

Potential Output

The upper limit of real GDP sustainable over an extended period without inflating the inflation rate.