Human capital is the
a. knowledge and skills that workers acquire through education, training, and experience.
b. stock of equipment and structures that is used to produce goods and services.
c. total number of hours worked in an economy.
d. same thing as technological knowledge.
a
You might also like to view...
Which of the following statements is true?
A. There was a great deal of stagflation in the 1930s. B. The inflation rate fell during the Eisenhower Administration, but rose during the Reagan years. C. Output in the United States fell by about one-third between 1929 and 1933. D. The Medicare and Medicaid programs were inaugurated during the New Deal.
If the tariffs on textiles, apparel items, and footwear mentioned in the Application were replaced by equivalent voluntary export restraints (VERs), who would benefit the most?
A) the U.S. government B) high-income consumers C) low-income consumers D) the foreign manufacturer
The marginal revenue curve of a monopolistic competitor ________
A) lies above the demand curve B) lies below the demand curve C) is the same as the demand curve D) is the same as the supply curve
Which of the following explains why talented major league baseball players command much higher salaries than neurosurgeons?
A) because it takes far more skill and training to be a major league baseball player than to be a neurosurgeon B) because the supply of talented major league baseball players is low relative to its demand compared to the supply of neurosurgeons. Therefore, adding another player yields far greater marginal benefit than adding another neurosurgeon. C) because the total value of baseball games is much higher than the total value of neurosurgery D) because the supply of talented major league baseball players is relatively low compared to the supply of neurosurgeons. Therefore, major league baseball players exert far more market power than neurosurgeons.