What is the difference between physical capital and human capital?
What will be an ideal response?
Physical capital includes manufactured goods which are used to produce other goods and services. Human capital refers to the accumulated education, training, and skills that workers possess.
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In some countries it is time consuming and costly to establish ownership of property. Reforms to reduce these costs would likely
a. have no affect on either real GDP nor productivity b. raise real GDP and productivity. c. raise real GDP but not productivity. d. raise productivity but not real GDP.
The less bowed the Lorenz Curve, the
A) more equal the income distribution. B) less equal the income distribution. C) greater the number of low-income people. D) greater the number of high-income people.
The following is national income account data for a hypothetical economy in billions of dollars: gross private domestic investment ($320), imports ($35), exports ($22), personal consumption expenditures ($2,460), and government purchases ($470). What is GDP in this economy?
A. $3,263 billion B. $3,290 billion C. $3,237 billion D. $3,250 billion
Of the following high-income countries, which has the lowest infant mortality rate?
A) Canada B) Japan C) the United Kingdom D) the United States