What is meant by human capital and how can it be used to promote economic growth?
Please provide the best answer for the statement.
Human capital is a worker’s stock of education and training that equips them to perform in a certain profession. Investment in human capital involves both formal education and on-the-job training. This investment increases labor productivity and earnings, which subsequently promotes economic growth. It’s estimated that 15 percent of productivity growth is due to human capital investment.
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Using a commitment strategy in:
A. a simultaneous game can alter payoffs, but has no effect in sequential games. B. a simultaneous game has no effect, but can alter the payoffs and outcome of sequential games. C. either a simultaneous or sequential game has little impact on payoffs or outcome. D. either a simultaneous or sequential game can greatly alter the payoffs and outcome of the game.
To calculate a firm’s per unit of output profit, it is necessary to subtract
A. price from cost per unit. B. price from resource costs. C. cost per unit from product price. D. cost per unit from cost of resources.
Suppose you are deciding whether or not to increase production. You are currently making a profit. If you produce one more unit, your increase in cost will be $10, your average variable costs will increase to less than that, and your average fixed costs will decrease. Finally, your average revenue will increase to $10, but your increase in revenue will be $10. You should
A. increase production by exactly 1 unit. B. increase production by at least 1 unit. C. leave production unchanged because profit is maximized where you are. D. redo the math associated with decreasing production because that may result in greater profit.
Marginal revenue is the:
A. change in product price associated with the sale of one more unit of output. B. change in average revenue associated with the sale of one more unit of output. C. difference between product price and average total cost. D. change in total revenue associated with the sale of one more unit of output.