The three main reasons that the average U.S. worker today produces far more than his or her counterpart did a century ago are more physical capital, more human capital, and a great deal of technological progress.

Question

Quizplus · Accepted Answer

This statement is true. Physical capital refers to the tools, equipment, and infrastructure that workers have access to, which have greatly increased in quantity and quality over the past century. Human capital refers to the skills, education, and training of workers, which have also improved over time. Technological progress has led to advancements in machinery, communication, and automation that have greatly increased productivity. Together, these three factors have contributed to the significant increase in worker productivity over the past century.

The Three Main Reasons That the Average U