Choose the Correct Answer 6. The wealthy nations of the world would have a. the
ID: 1222665 • Letter: C
Question
Choose the Correct Answer
6. The wealthy nations of the world would have
a. the largest population
b. more supplies of natural resources
c. more supplies of capital
d. larger labor force
7. Human capital differs from physical capital in that
a. human capital is intangible
b. human capital is tangible
c. physical capital is intangible
d. human capital has no cost to acquire
8. The definition of human capital refers to
a. worker education and workers’ equipment
b. worker education and worker’s physical capital
c. workers’ equipment and workers’ physical capital
d. worker education and worker training
9. In general, as the amount of labor input decreases, the amount of output
a. increases
b. decreases
c. remain constant
d. increase only if the capital stock increases
10, A productivity increase would be illustrated by a shift in the production function
a. downward
b. leftward
c. upward
d. rightward
Explanation / Answer
6.c. more supplies of natural resources
A country is consider richest who has more natural resources for example Russia
7. d. human capital has no cost to acquire
Human capital is the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
8. Worker education and workers’ training
the collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community: Education is an investment in human capital that pays off in terms of higher
More labor input more output
10. Upward