Human capital is:
A) the set of acquired skills and abilities that workers bring to the production of goods and services.
B) the financial wealth the economy has available to produce goods and services.
C) the ability to produce one of two goods at relatively lower cost.
D) a factor of production only if it occurs naturally.
Ans: A) the set of acquired skills and abilities that workers bring to the production of goods and services.
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Using the data in the above table, net private domestic investment equals
A) $210. B) $260. C) $510. D) some amount that cannot be determined without more information.
Refer to Figure 2-8. The linear production possibilities frontier in the figure indicates that
A) Vidalia has a comparative disadvantage in the production of roses. B) it is progressively more expensive to produce orchids. C) Vidalia has a comparative advantage in the production of orchids. D) the tradeoff between roses and orchids is constant.
On May 12, 2011, the U.S. dollar was worth 0.61 British pounds. How many dollars did it take to buy one British pound?
a. 1.19 b. 1.61 c. 1.64 d. 2.19
Suppose that the income elasticity of demand for peanut butter is 0.75. Which of the following is TRUE?
A) Peanut butter is a normal good, because income elasticity is positive. B) Peanut butter is an inferior good, because income elasticity is positive. C) Peanut butter is a normal good, because income elasticity is less than 1. D) Peanut butter is an inferior good, because income elasticity is less than 1.