Human capital is
A. the investment people make in industries that make capital goods.
B. the saving done by human beings.
C. the knowledge and skills that people in the work force acquire through education and training.
D. a measure of the labor productivity of workers.
Answer: C
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In a market system, the costs associated with exchanging goods are known as
A) voluntary costs. B) signaling costs. C) wholesale costs. D) transaction costs.
If technology is fixed, monopolization of a competitive industry will lead to
a. lower prices and higher output b. higher prices and the same level of output c. lower output and the same level of price d. higher prices and lower output e. higher output and higher prices
Which of these is likely to be observed in an economy in which the equilibrium level of real GDP is below potential GDP?
a. Economic growth b. An increase in gross investment c. An increase in the general price level d. An increase in unemployment
One surprising thing about the U.S. money stock is that
a. banks hold so much currency relative to the public. b. the public holds so much currency relative to banks. c. there is so little currency per person. d. there is so much currency per person.