Physical capital is distinguished from human capital because
A) physical capital refers to trained people.
B) physical capital refers to equipment and machinery, whereas human capital refers to trained people.
C) human capital refers only to day laborers.
D) physical capital refers to trained people, whereas human capital refers to equipment and machinery.
B
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If a firm produces a given amount of output using the least amount of inputs, it definitely achieves economic efficiency
Indicate whether the statement is true or false
In the Keynesian model in the long run, an increase in the money supply will raise
A) the price level but not the level of output. B) the level of output but not the price level. C) both the level of output and the price level. D) neither the level of output nor the price level.
Arthur Burns and Wesley Mitchell first described business cycles as ________
A) fluctuations in consumer preferences B) fluctuations in the price of bicycles C) fluctuations in aggregate economic activity D) all of the above E) none of the above
Which of the following is included in personal income but not in national income?
a. Compensation for workers. b. Proprietors' income. c. Corporate profits. d. Social Security payments. e. Rent.