Explain the differences between "human capital," "financial capital," and "capital."
What will be an ideal response?
Human capital is the knowledge and skills people obtain from education, on-the-job training, and work experience. Financial capital is money, stocks, and bonds. Capital is tools, instruments, machines, buildings, and anything that had to be produced prior to production of the desired goods and services.
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Presently, GDP is ________ to compensate for the costs of environmental damage
A) adjusted on a chain-weight basis B) partially adjusted C) not adjusted D) fully adjusted
In the United States, currency holdings per person average about
a. $110; one explanation for this relatively small average is that many people use credit and debit cards to make transactions. b. $110; one explanation for this relatively small average is that U.S. citizens hold a lot of foreign currency. c. $4,490; one explanation for this relatively large amount is that criminals probably prefer currency as a medium of exchange. d. $4,490; one explanation for this relatively large average is that U.S. citizens hold a lot of foreign currency.
Which of the following is a final good or service?
a) a haircut purchased by a father for his 12 year-old son b) fertilizer purchased by a farm supplier c) diesel fuel bought for a delivery truck d) Chevrolet windows purchased by a General Motors assembly plant
The cost of producing one more pizza is the
A) price. B) marginal benefit. C) marginal cost. D) producer surplus.