Physical capital is:
A. the set of skills, knowledge, experience, and talent that determine the productivity of workers.
B. the skills a human being acquires that enhances the available stock of equipment.
C. the stock of equipment and structures that allow for the production of goods and services.
D. All of these describe physical capital.
Answer: C
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Human capital can be increased through
A) investment in new technology. B) decreases in population. C) investment in new machinery. D) education, on-the-job training, and work experience. E) increasing the nation's production of consumption goods.
A group of firms that has entered into an agreement to restrict output and increase prices and profits is called
A) a compliance. B) a cartel. C) an oligopoly. D) a duopoly. E) a multi-firm monopoly.
How would a widespread adoption of credit cards affect the demand for money and the demand for money curve?
What will be an ideal response?
Refer to Figure 3-2. A decrease in the price of substitutes in production would be represented by a movement from
A) A to B. B) B to A. C) S1 to S2. D) S2 to S1.