Question 1

Human capital ________ as you work.As a result,the ________ of goods and services ________.

Accepted Answer

Human capital refers to the knowledge, skills, and experience that a worker possesses. As workers continue to work and gain experience, their human capital increases. This results in an increase in the quantity of goods and services they can produce because they are more productive and efficient. Therefore, option A is the best choice.

Question 2

As a factor of production,oil reserves are counted as

Accepted Answer

Oil reserves are a natural resource that are found on or beneath the earth's surface, and so they fall under the category of land as a factor of production. Land refers to all natural resources, including minerals, water, forests, and other natural resources that can be used in production.

Question 3

Which of the following is NOT directly related to human capital?

Accepted Answer

An MRI machine is not directly related to human capital, which refers to the skills, knowledge, and experience possessed by individuals that contribute to their productive capacity and economic value. The other options all relate to personal skills, education, and knowledge that individuals can acquire and apply in their work, and are examples of human capital.

Question 4

Economists classify energy and water as part of which factor of production?

Accepted Answer

Energy and water are considered natural resources, which are classified under the factor of production known as "land." This category includes all natural resources used in production.

Question 5

The concept of human capital describes

Accepted Answer

The concept of human capital refers to the skills, knowledge, experience, and other qualities of individuals that make them productive in the labor market. It is therefore concerned with the quality of labor rather than the quantity of labor (which is the domain of demography). The other options are not related to the concept of human capital.

Question 6

Human capital can be increased through

Accepted Answer

Human capital refers to the knowledge, skills, and abilities of a country's workforce, and can be improved through education, on-the-job training, and work experience. Investing in new technology or machinery can improve productivity, but it does not necessarily increase human capital. Decreases in population or increasing the production of consumption goods do not have a clear relationship with human capital.

Question 7

Factors of production are the

Accepted Answer

Factors of production refer to the inputs used in the production of goods and services. These include resources such as labor, land, capital, and entrepreneurship.

Question 8

Capital,as a factor of production,refers to

Accepted Answer

Capital as a factor of production refers to the tools and instruments used to produce other goods and services. Money, stocks, and bonds are not considered capital as they are financial assets used for investment or transactions rather than production. The production technology used by firms and the production factors imported from abroad are also not considered capital.

Question 9

Over time,the percentage of total employment in services has ________ and in agriculture,employment has ________.

Accepted Answer

The trend over time has been a shift towards service-oriented economies, as industries such as technology, finance, and healthcare have grown. As a result, the percentage of total employment in services has increased. On the other hand, advances in agricultural technology have led to increased productivity, which has decreased the need for labor in agriculture. Therefore, the percentage of total employment in agriculture has decreased.

Question 10

Jan is attending college and studying to be an investment broker.To improve her chances of employment following college,she has interned at a top brokerage firm during the last two summers.Jan's internship has increased her

Accepted Answer

Jan's internship has increased her human capital, which is the knowledge, skills, and experience acquired through education and training that leads to an increase in productivity and improves her chances of employment.

Question 11

Which of the following has been the bigger contributor to increases in the quantity of labor in the Unites States during the past 50 years?

Accepted Answer

The proportion of women taking paid jobs has trended up significantly in the past 50 years, contributing to a significant increase in the quantity of labor. While total population growth has also increased, it has not had as large of an impact on labor quantity as the increase in female labor force participation. The other options (A, C, and D) are not supported by data and are not significant contributors to the increase in labor quantity.

Question 12

The productive resource that includes all the "gifts of nature" is called

Accepted Answer

The term "gifts of nature" refers to natural resources such as water, air, minerals, and fertile land. These resources are classified as land, making A the correct answer.

Question 13

The United States possesses a large amount of human capital.As a result of this fact,in the United States there is a

Accepted Answer

Human capital refers to the knowledge, skills, and abilities possessed by individuals in a society. The United States is known for having a highly skilled and educated labor force, which constitutes its human capital. Options A, B, D, and E are not directly related to human capital.

Question 14

The total value of capital in the United States is around

Accepted Answer

The answer of The total value of capital in the...

Question 15

Which of the following is not considered a factor of production?

Accepted Answer

Money is not considered a factor of production, but rather a medium of exchange to facilitate transactions involving factors of production. The factors of production include land, labor, capital, and entrepreneurial ideas.

Question 16

Which of the following correctly lists the categories of factors of production?

Accepted Answer

The categories of factors of production are land, labor, capital, and entrepreneurship, as recognized in traditional economic theory. Choice B lists buildings instead of labor, while choice C includes machines and buildings as separate categories, and choice D lists specific resources such as forests and fish that could fall under the category of land. Choice E lists money, stocks, and bonds, which are not typically considered factors of production.

Question 17

Goods and services are produced by using four factors of production:

Accepted Answer

The four factors of production are land, labor, capital, and entrepreneurship. Natural resources, human resources, financial assets, and entrepreneurial resources are all subsets of these factors. Money and equipment are forms of capital. Labor, human capital, physical capital, and financial capital are all subsets of the broader categories of labor and capital.

Question 18

Capital is a factor of production.An example of capital as a factor of production is

Accepted Answer

Machines are an example of capital as a factor of production. The term "capital" generally refers to physical capital - that is, tangible assets used in production, such as machinery, tools, and buildings. While money, stocks, and bonds are financial assets, they are not typically considered capital in the context of production. Education is not a physical asset, but rather a human capital investment, which is a separate category of factors of production.

Question 19

Which factor of production does human capital enhance?
i.land
ii.labor
iii.capital

Accepted Answer

Human capital refers to the knowledge, skills, and abilities of human beings. These attributes enhance the productivity and quality of labor, but do not affect the other factors of production (land and capital). Therefore, the factor of production that is enhanced by human capital is labor, making option ii the correct answer.

Question 20

Capital is a factor of production.Which of the following is an example of capital?
i.$1,000 in money
ii.100 shares of Microsoft stock
iii.$10,000 in bonds issued by General Motors
iv.a drill press in your local machine shop

Accepted Answer

A drill press in a machine shop is an example of physical capital, which is a type of capital that refers to tools, machinery, and other equipment used in the production of goods and services. Money, stocks, and bonds are financial assets and do not fall under the category of physical capital.

Quiz 2: The U.S.and Global Economies

Human capital as you work.As a result,the of goods and services .