Capital can be differentiated between physical capital and human capital. Human capital is:
(i) the new development in machinery and software.
(ii) the knowledge and skills workers acquire from education and training or their life experiences.
(iii) the energy use to bring together the factors of production to produce goods and services.
(iv) the goods manufactured to produce other goods and services.
Related textbook solutions
Related questions
1. Which of the following groups of countries are all advanced economies?
|
Hong Kong, Japan, France, and the United Kingdom |
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Italy, the United States, China, and Russia |
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Singapore, Russia, France, and Chad |
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Australia, Brazil, and the United States |
QUESTION 2
1. The most people live in ________ economies and the fewest people live in ________ economies.
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developing; emerging market |
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advanced; emerging market |
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emerging market; developing |
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advanced; developing |
QUESTION 3
1. Households and firms in the U.S. economy interact with those in the rest of the world in the ________ market and the ________ market.
|
goods; financial |
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government; goods |
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goods; factor |
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financial; factor |
QUESTION 4
1. As a factor of production, oil reserves are counted as
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labor. |
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capital. |
||
|
entrepreneurship. |
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land. |
QUESTION 5
1. ________ the owners of the factors of production, while ________ what amounts of those factors to hire.
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Households are; the government determines |
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Firms are; households that determine |
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The government is; firms determine |
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Households are; firms that determine |
QUESTION 6
1. The emerging market economies are
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the nations that are currently agricultural in nature. |
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most of the nations of Western Europe. |
||
|
the largest grouping including the nations of China and India. |
||
|
in the transition from state-owned production to free markets. |
QUESTION 7
1. In the United States, the productive factor that, as a group, receives the largest fraction of the nation's total income was
|
consumption of goods and services. |
||
|
entrepreneurship. |
||
|
capital. |
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|
labor. |
QUESTION 8
1. Items bought by individuals to provide personal enjoyment are termed
|
personal goods. |
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consumption of goods. |
||
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consumption or investment goods. |
||
|
standard goods. |
QUESTION 9
1. In the advanced economies, ________ of the factories use advanced capital equipment and in the developing economies ________ of the factories use advanced capital equipment
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virtually all; none |
||
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some; some |
||
|
virtually all; virtually all |
||
|
virtually all; some |
QUESTION 10
1. The productive resource that includes all the "gifts of nature" is called
|
land. |
||
|
labor. |
||
|
entrepreneurship. |
||
|
capital. |
QUESTION 11
1. What would be an example of government good?
|
Donald Trump purchases furniture for his office. |
||
|
Antonio, the manager of the local Taco Hut, purchases a new deep fryer. |
||
|
The local driver's license office purchases a new digital camera and printer. |
||
|
Jake buys an iPhone. |
QUESTION 12
1. The world population is approximately ________ people.
|
2 trillion |
||
|
680 million |
||
|
6.8 billion |
||
|
6.8 million |
QUESTION 13
1. Computers and insurance coverage produced in the United States and sold to people in other nations are categorized as
|
U.S. exports of goods and services. |
||
|
U.S. government goods and services. |
||
|
foreign capital goods. |
||
|
U.S. consumer goods and services. |
QUESTION 14
1. Of the following, the federal government obtains most revenue from
|
corporate income taxes. |
||
|
excise taxes. |
||
|
sales taxes. |
||
|
social security taxes. |
QUESTION 15
1. Items bought by businesses to help produce other goods and services are called
|
capital goods. |
||
|
government goods and services. |
||
|
consumption of goods and services. |
||
|
exports of goods and services. |
QUESTION 16
1. The majority of the income earned in the United States is paid in
|
profit. |
||
|
interest. |
||
|
rent. |
||
|
wages. |
QUESTION 17
1. Dan missed class the day the professor covered the circular flow model. Dan asked his friend Joan to explain markets to him. Joan correctly stated that a market
|
must include a written contract between buyers and sellers. |
||
|
requires a physical location for buyers and sellers to get together. |
||
|
is only a place to purchase groceries. |
||
|
is an arrangement that brings buyers and sellers together. |
QUESTION 18
1. The United States possesses a large amount of human capital. As a result of this fact, in the United States, there is a
|
highly skilled and educated labor force. |
||
|
a large number of kind and generous humans. |
||
|
a large number of people and a great deal of land. |
||
|
a large amount of machinery and equipment. |
QUESTION 19
1. Which of the following correctly lists the categories of factors of production?
|
labor, machines, buildings, capital, and entrepreneurship |
||
|
land, buildings, capital, and entrepreneurship |
||
|
land, labor, capital, and entrepreneurship |
||
|
forests, fish, buildings, capital, and entrepreneurship |
QUESTION 20
1. Which of the following correctly lists the categories of factors of production?
|
capital, money, and labor |
||
|
hardware, software, land, and money |
||
|
land, labor, capital, and entrepreneurship |
||
|
machines, buildings, land, and money |
QUESTION 21
1. In the United States, the poorest 20 percent of households receive roughly ________ percent of total income.
|
10 |
||
|
3 |
||
|
15 |
||
|
20 |
QUESTION 22
1. What would be an example of a consumption service?
|
Jake buys an iPhone. |
||
|
The local driver's license office purchases a new digital camera and printer. |
||
|
Antonio, the manager of the local Taco Hut, purchases a new deep fryer. |
||
|
Rhianna gets a haircut. |
QUESTION 23
1. The total value of capital in the United States is around
|
$47 trillion. |
||
|
$10 trillion. |
||
|
$100 trillion. |
||
|
$79 trillion. |
QUESTION 24
1. An export good is a good produced
|
by foreigners in the United States and purchased by U.S. households. |
||
|
in another country and purchased by U.S. residents. |
||
|
in the United States and sold to foreigners living in the United States. |
||
|
in the United States and sold in other countries. |
QUESTION 25
1. ________ paid for the use of land; ________ paid for the services of labor; and ________ paid for the use of capital.
|
Interest is; wages are; profit is |
||
|
Rent is; wages are; interest is |
||
|
Rent is; interest is; wages are |
||
|
Mortgages are; interest is; wages are |
1. Which of the following groups of countries are all advanced economies?
|
Hong Kong, Japan, France, and the United Kingdom |
||
|
Italy, the United States, China, and Russia |
||
|
Singapore, Russia, France, and Chad |
||
|
Australia, Brazil, and the United States |
QUESTION 2
1. The most people live in ________ economies and the fewest people live in ________ economies.
|
developing; emerging market |
||
|
advanced; emerging market |
||
|
emerging market; developing |
||
|
advanced; developing |
QUESTION 3
1. Households and firms in the U.S. economy interact with those in the rest of the world in the ________ market and the ________ market.
|
goods; financial |
||
|
government; goods |
||
|
goods; factor |
||
|
financial; factor |
QUESTION 4
1. As a factor of production, oil reserves are counted as
|
labor. |
||
|
capital. |
||
|
entrepreneurship. |
||
|
land. |
QUESTION 5
1. ________ the owners of the factors of production, while ________ what amounts of those factors to hire.
|
Households are; the government determines |
||
|
Firms are; households determine |
||
|
The government is; firms determine |
||
|
Households are; firms determine |
QUESTION 6
1. The emerging market economies are
|
the nations that are currently agricultural in nature. |
||
|
most of the nations of Western Europe. |
||
|
the largest grouping including the nations of China and India. |
||
|
in the transition from state-owned production to free markets. |
QUESTION 7
1. In the United States, the productive factor that, as a group, receives the largest fraction of the nation's total income was
|
consumption of goods and services. |
||
|
entrepreneurship. |
||
|
capital. |
||
|
labor. |
QUESTION 8
1. Items bought by individuals to provide personal enjoyment are termed
|
personal goods. |
||
|
consumption of goods. |
||
|
consumption or investment goods. |
||
|
standard goods. |
QUESTION 9
1. In the advanced economies, ________ of the factories use advanced capital equipment and in the developing economies ________ of the factories use advanced capital equipment
|
virtually all; none |
||
|
some; some |
||
|
virtually all; virtually all |
||
|
virtually all; some |
QUESTION 10
1. The productive resource that includes all the "gifts of nature" is called
|
land. |
||
|
labor. |
||
|
entrepreneurship. |
||
|
capital. |
QUESTION 11
1. What would be an example of government good?
|
Donald Trump purchases furniture for his office. |
||
|
Antonio, the manager of the local Taco Hut, purchases a new deep fryer. |
||
|
The local driver's license office purchases a new digital camera and printer. |
||
|
Jake buys an iPhone. |
QUESTION 12
1. The world population is approximately ________ people.
|
2 trillion |
||
|
680 million |
||
|
6.8 billion |
||
|
6.8 million |
QUESTION 13
1. Computers and insurance coverage produced in the United States and sold to people in other nations are categorized as
|
U.S. exports of goods and services. |
||
|
U.S. government goods and services. |
||
|
foreign capital goods. |
||
|
U.S. consumer goods and services. |
QUESTION 14
1. Of the following, the federal government obtains most revenue from
|
corporate income taxes. |
||
|
excise taxes. |
||
|
sales taxes. |
||
|
social security taxes. |
QUESTION 15
1. Items bought by businesses to help produce other goods and services are called
|
capital goods. |
||
|
government goods and services. |
||
|
consumption of goods and services. |
||
|
exports of goods and services. |
QUESTION 16
1. The majority of the income earned in the United States is paid in
|
profit. |
||
|
interest. |
||
|
rent. |
||
|
wages. |
QUESTION 17
1. Dan missed class the day the professor covered the circular flow model. Dan asked his friend Joan to explain markets to him. Joan correctly stated that a market
|
must include a written contract between buyers and sellers. |
||
|
requires a physical location for buyers and sellers to get together. |
||
|
is only a place to purchase groceries. |
||
|
is an arrangement that brings buyers and sellers together. |
QUESTION 18
1. The United States possesses a large amount of human capital. As a result of this fact, in the United States, there is a
|
highly skilled and educated labor force. |
||
|
a large number of kind and generous humans. |
||
|
a large number of people and a great deal of land. |
||
|
a large amount of machinery and equipment. |
QUESTION 19
1. Which of the following correctly lists the categories of factors of production?
|
labor, machines, buildings, capital, and entrepreneurship |
||
|
land, buildings, capital, and entrepreneurship |
||
|
land, labor, capital, and entrepreneurship |
||
|
forests, fish, buildings, capital, and entrepreneurship |
QUESTION 20
1. Which of the following correctly lists the categories of factors of production?
|
capital, money, and labor |
||
|
hardware, software, land, and money |
||
|
land, labor, capital, and entrepreneurship |
||
|
machines, buildings, land, and money |
QUESTION 21
1. In the United States, the poorest 20 percent of households receive roughly ________ percent of total income.
|
10 |
||
|
3 |
||
|
15 |
||
|
20 |
QUESTION 22
1. What would be an example of a consumption service?
|
Jake buys an iPhone. |
||
|
The local driver's license office purchases a new digital camera and printer. |
||
|
Antonio, the manager of the local Taco Hut, purchases a new deep fryer. |
||
|
Rhianna gets a haircut. |
QUESTION 23
1. The total value of capital in the United States is around
|
$47 trillion. |
||
|
$10 trillion. |
||
|
$100 trillion. |
||
|
$79 trillion. |
QUESTION 24
1. An export good is a good produced
|
by foreigners in the United States and purchased by U.S. households. |
||
|
in another country and purchased by U.S. residents. |
||
|
in the United States and sold to foreigners living in the United States. |
||
|
in the United States and sold in other countries. |
QUESTION 25
1. ________ paid for the use of land; ________ paid for the services of labor; and ________ paid for the use of capital.
|
Interest is; wages are; profit is |
||
|
Rent is; wages are; interest is |
||
|
Rent is; interest is; wages are |
||
|
Mortgages are; interest is; wages are |
