Question 1

Lauren owns a bakery. She wants to increase her daily production of baked goods, and she wants to use a technological advance to do so.______ would represent a technological advance at her bakery.

Accepted Answer

Installing a convection oven that can bake bread in half the time would be a technological advance because it would increase the efficiency and speed of the baking process, allowing Lauren to produce more baked goods in less time. Using higher-quality ingredients, increasing the number of employees or mixing bowls, and providing better training are all important aspects of running a successful bakery, but they do not necessarily represent a technological advance.

Question 2

Populations tend to grow over time, meaning there are more workers. In order to maintain a constant level of worker productivity, the total amount of capital available to them must

Accepted Answer

In order to maintain a constant level of worker productivity, the total amount of capital available to them must increase at a rate at least equal to population growth. This is because without an increase in capital, there will be a shortage of resources for the growing number of workers, leading to lower productivity levels. Therefore, the best choice is D.

Question 3

Krista owns a hair salon. She wants to increase the number of clients she serves each month, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the physical capital resource at her hair salon?

Accepted Answer

Buying more chairs and hair dryers would increase the physical capital resource at the salon. Increasing training, hiring more stylists, giving raises, and purchasing better-quality shampoo may improve the quality of Krista's services, but they would not directly increase the number of clients she serves each month.

Question 4

A firm's human capital would increase with

Accepted Answer

On-the-job training will increase the knowledge, skills, and abilities of employees, which in turn will increase the human capital of the firm.

Question 5

Why would an increase in capital resources lead to an increase in worker productivity?

Accepted Answer

With more capital resources, workers have access to better tools and equipment. This means that workers are able to produce more efficiently and effectively, ultimately increasing worker productivity.

Question 6

A(n) ____in capital goods should___ worker productivity.

Accepted Answer

Investment in capital goods increases the efficiency and effectiveness of production processes, leading to an increase in worker productivity. As a result, this leads to increased output per worker, which is beneficial for the overall economy.

Question 7

Krista owns a hair salon. She wants to increase the number of clients she serves each month, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at her hair salon?

Accepted Answer

Hiring more stylists would increase the number of employees with the skills and expertise needed to serve clients, thereby increasing the human capital resource. Buying more chairs, hair dryers, scissors, and combs would increase the physical capital resource, while moving into a larger salon would increase the organizational capital resource. Purchasing better-quality shampoo could potentially improve the quality of service, but it would not necessarily increase the human capital resource.

Question 8

Steve owns a bike shop. He wants to increase the number of bikes he sells each week, and he wants to use a technological advance to do so. _______would represent a technological advance at his bike shop.

Accepted Answer

Utilizing an online ordering system that allows him to sell bikes across the country would increase the reach of his business and potentially attract customers who would not have visited his physical store. This would have a potentially larger impact on increasing the number of bikes sold compared to the other options.

Question 9

Steve owns a bike shop. He wants to increase the number of bikes he sells each month, so he knows he needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at his bike shop?

Accepted Answer

Increasing the number of shop employees would increase the human capital resource at the bike shop, as they are a valuable resource in terms of knowledge, experience, and skills. Purchasing more bikes, stocking more accessories, increasing the size of the shop, and buying more repair equipment all represent an increase in physical capital resources but do not directly increase the human capital.

Question 10

Steve owns a bike shop. He wants to increase the number of bikes he sells each month, so he knows he needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at his bike shop?

Accepted Answer

Increasing the training for his employees would increase the human capital resource by improving the skills and knowledge of the employees, which would lead to better customer service and sales. A, C, D, and E may represent increases in other resources, such as physical capital (bikes and equipment) and natural resources (shop size), but do not directly affect the human capital resource.

Question 11

Lauren owns a bakery. She wants to increase her daily production of baked goods, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at her bakery?

Accepted Answer

Increasing employee training would improve the skills and knowledge of the existing employees, thus increasing the human capital resource at the bakery. The other options relate to physical capital (repairing the van, purchasing ingredients) or organizational capital (moving into a larger space).

Question 12

Lauren owns a bakery. She wants to increase her daily production of baked goods, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the physical capital resource at her bakery?

Accepted Answer

Moving into a larger space would allow for more baking equipment and supplies to be added, thereby increasing the physical capital resource. Increasing employee training, hiring more employees, buying better-quality ingredients, and hiring an accountant do not directly increase the physical capital resource at the bakery.

Question 13

Which of the following would be classified as human capital?

Accepted Answer

Human capital refers to skills, knowledge, and experience possessed by an individual, which can be utilized to produce economic value. Obtaining a college degree enhances an individual's skills, knowledge and experience, thus it is classified as human capital.

Question 14

Nathan owns a coffee shop. He wants to increase the weekly number of coffee drinks he sells, and he wants to use a technological advance to do so._____ would represent a technological advance at his coffee shop.

Accepted Answer

Acquiring a new espresso machine that can prepare coffee drinks faster than his current model would increase the speed of making coffee drinks, allowing Nathan to serve more customers in a shorter amount of time and increase the weekly number of coffee drinks he sells. Options A, B, and C may improve the quality of the coffee and the customer experience, but they do not necessarily increase the number of drinks sold. Option E may allow for more customers, but a larger building does not necessarily equate to increased sales.

Question 15

Krista owns a hair salon. She wants to increase the number of clients she serves each month, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at her hair salon?

Accepted Answer

Increasing the amount of training for her stylists directly increases their skills and abilities, which is an example of increasing human capital. Buying more chairs, hair dryers, scissors, or combs would increase the salon's physical capital. Moving into a larger salon may increase the salon's capacity, but it does not necessarily increase the quality or productivity of the human resources. Purchasing better-quality shampoo may improve the quality of service, but it does not directly increase the skills or abilities of the human resources.

Question 16

Lauren owns a bakery. She wants to increase her daily production of baked goods, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at her bakery?

Accepted Answer

Hiring more employees represents an increase in the human capital resource, as it means there will be more trained and skilled individuals working towards the bakery's production goals. Buying additional ovens or better-quality ingredients would represent an increase in physical capital, while repairing a delivery van or moving into a larger space would represent an increase in the bakery's infrastructure.

Question 17

Krista owns a hair salon. She wants to increase the number of clients she serves each month, and she wants to use a technological advance to do so. _______would represent a technological advance at her hair salon.

Accepted Answer

Installing a new hair dryer that can dry hair in half the time, with less damage to the hair, would represent a technological advance at Krista's hair salon. This not only increases efficiency but also enhances the customer experience by providing a better service.

Question 18

"Living standards" refer to the well-being of the residents of a country. Generally speaking, higher economic growth leads to higher living standards. But higher living standards today can further contribute to economic growth in the future. Which of the following aspects of higher living standards would contribute most to future economic growth?

Accepted Answer

Improved education for young people leads to a more skilled workforce, which can increase productivity and innovation in various industries, leading to economic growth in the future. Access to consumer goods, the internet, cell phones, and automobiles may improve living standards but may not necessarily contribute to future economic growth to the extent that education does.

Question 19

Which of the following represents the technology used in a classroom?

Accepted Answer

Technology refers to the use of tools and methods to improve performance, efficiency, and effectiveness. While pencils, pens, markers, and erasers are tools used in a classroom, they do not necessarily represent the technology used in a classroom. Desks and chairs, the building in which the classroom is located, and lockers and storage cabinets are also not considered technology. The instructional methods the teacher uses, however, can be considered a form of technology as they are tools and methods that are used to improve the learning experience for students.

Question 20

An increase in human capital would tend to

Accepted Answer

An increase in human capital refers to an increase in the skills, knowledge, and experience of workers. This would lead to an increase in worker productivity as they are able to perform tasks more efficiently and effectively. Therefore, the correct answer is C - an increase in human capital would tend to increase worker productivity.

Quiz 11: Economic Growth and the Wealth of Nations

Lauren owns a bakery. She wants to increase her daily production of baked goods, and she wants to use a technological advance to do so.______ would represent a technological advance at her bakery.

Populations tend to grow over time, meaning there are more workers. In order to maintain a constant level of worker productivity, the total amount of capital available to them must

Krista owns a hair salon. She wants to increase the number of clients she serves each month, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the physical capital resource at her hair salon?

A firm's human capital would increase with

Why would an increase in capital resources lead to an increase in worker productivity?

A(n) __in capital goods should_ worker productivity.

Krista owns a hair salon. She wants to increase the number of clients she serves each month, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at her hair salon?

Steve owns a bike shop. He wants to increase the number of bikes he sells each week, and he wants to use a technological advance to do so. _______would represent a technological advance at his bike shop.

Steve owns a bike shop. He wants to increase the number of bikes he sells each month, so he knows he needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at his bike shop?

Steve owns a bike shop. He wants to increase the number of bikes he sells each month, so he knows he needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at his bike shop?

Lauren owns a bakery. She wants to increase her daily production of baked goods, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at her bakery?

Lauren owns a bakery. She wants to increase her daily production of baked goods, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the physical capital resource at her bakery?

Which of the following would be classified as human capital?

Nathan owns a coffee shop. He wants to increase the weekly number of coffee drinks he sells, and he wants to use a technological advance to do so._____ would represent a technological advance at his coffee shop.

Krista owns a hair salon. She wants to increase the number of clients she serves each month, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at her hair salon?

Lauren owns a bakery. She wants to increase her daily production of baked goods, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at her bakery?

Krista owns a hair salon. She wants to increase the number of clients she serves each month, and she wants to use a technological advance to do so. _______would represent a technological advance at her hair salon.

Which of the following represents the technology used in a classroom?

An increase in human capital would tend to