Principles of Economics (Second Edition)
2nd Edition
ISBN: 9780393614077
Author: coppock, Lee; Mateer, Dirk
Publisher: W. W. Norton & Company
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Question
Chapter 24, Problem 2QFR
To determine
To explain:
The difference between human capital and workers available for work.
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Students have asked these similar questions
Which of the following would not affect labor productivity, i.e. more output per unit of labor hour?
Select one:
a. When interest rates decrease and government spending increase.
b. when labor is reallocated from less-efficient industries to more-efficient industries.
c. when production is better organized and managed
d. technological progress
e. the health, training, education, and motivation of workers improve
f. the quantity of capital goods available to workers
Why do Urban populations are capital accumulating whereas rural populations are capital consuming?
Why don’t wages measure the full return to labor? Why is human capital the most important factor of production in a modern economy?
Chapter 24 Solutions
Principles of Economics (Second Edition)
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Similar questions
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- Economic theory suggests that we can increase productivity byarrow_forwardWhat are the three factors that impact productivity? Provide an example for each factor describing how productivity is impacted.arrow_forwardIn a capitalist economy, is income inequality necessary for economic growth?arrow_forward
- Which of the following is/are examples of physical capital (K)? A. Pine trees in the great northwestern US forests. B. a table saw used to produce furniture in cabinetry shop. C. the most efficient blueprint of auto production. O D. Bob is receiving on the job training to prepare to become a maintenance electrician.arrow_forwardWhat are the effects of an increase in labor productivity on potential GDP, the quantity of labor, the real wage rate, and potential GDP per hour of labor?arrow_forwardWrite the production function in its simplest form (human capital being included in TFP) and explain the nature of each factor of production.arrow_forward
- An increase in labor productivity means businesses will produce more output with the same amount of labor. Explainarrow_forwardWhat is productivity? Describe the factors of productivity. Answer must be correct. Answer Briefly.arrow_forwardSpending four years in college in order to improve your employment opportunities and obtain a higher income in the future is the most comparable to producing relatively more capital goods and relatively fewer consumer goods. Explain why.arrow_forward
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