Exploring Macroeconomics
8th Edition
ISBN: 9781544337722
Author: Robert L. Sexton
Publisher: SAGE Publications, Inc
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Question
Chapter 12, Problem 7P
To determine
To explain:
The difference between labor and human capital and the way human capital can be increased.
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What is the difference between labor and human capital? How can human capital be increased?
What are the two main factors that affect labor productivity?
How is it possible for labor productivity to increase if output is falling?
Chapter 12 Solutions
Exploring Macroeconomics
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Similar questions
- Explain the opportunity cost of investing in capital. Is there any difference in the opportunity cost of investing in human capital versus physical capital?arrow_forwardEntrepreneurship is unique among factors of production because itarrow_forwardkinda elaborate further on LABOUR SKILLS as a factor firms should consider when deciding to invest in a countryarrow_forward
- What is the difference between Karl Max and Adam Smith in term of division of labour?arrow_forwarda. What does the expression “marginal product of labour” mean? b. Why do workers (skilled and unskilled) migrate from labour abundant countries to countries with a scarcity of labour? c. How has that migration of labour been of advantage to other countries?arrow_forwardWhat are the three factors that impact productivity? Provide an example for each factor describing how productivity is impacted.arrow_forward
- What is the importance of mobility of factors of production towards productionarrow_forwardThe source mentions a fourth factor of production: entrepreneurship. In what sense could it be viewed as a production factorarrow_forwardWhat is the relationship between average production and managerial production?arrow_forward
- Write the production function in its simplest form (human capital being included in TFP) and explain the nature of each factor of production.arrow_forwardGive Some examples of different types of productivity measures?arrow_forwardWhich of the following is an example of capital as a factor of production? Group of answer choices Stocks Bonds money Equipment used by businessesarrow_forward
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