Question : 21) Expansion of a nation’s human capital can be achieved : 1228336

 

 

21) Expansion of a nation’s human capital can be achieved through

A) education and training.

B) education and saving.

C) education and technology improvements.

D) education only.

E) nothing because human capital is determined by the skills people are born with.

 

22) Human capital is acquired

A) only in school.

B) only through on-the-job training.

C) only through job experience.

D) through schooling, job training, and experience.

E) only at birth, that is, it’s people’s inborn talents.

 

23) Labor productivity increases if

i.human capital decreases.

ii.technology advances.

iii.quality of education decreases.

A) i only

B) ii only

C) iii only

D) Both i and ii

E) Both ii and iii

24) ________ increases with education, training, and job experience.

i.Physical capital

ii.Human capital

iii.Financial capital

A) i only

B) ii only

C) iii only

D) Both ii and iii

E) i, ii, and iii

 

25) U.S. labor productivity slowed during the 1970s because of

i.increasing government taxes and regulations on production.

ii.the necessity to cope with energy price increases.

iii.inflation, which shortened the horizon over which businesses made their borrowing plans.

A) i only

B) ii only

C) iii only

D) Both i and ii

E) i, ii, and iii

 

26) The law of diminishing marginal returns states that

A) output increases at a constant rate as more capital is added.

B) output decreases at a constant rate as more capital is added.

C) as both labor and capital are increased, output does not change.

D) as both labor and capital are increased, output increases at a decreasing rate.

E) output increases at a decreasing rate as more capital is added.

27) According to the law of diminishing returns, an additional unit of

A) capital produces more output than an additional unit of labor.

B) labor decreases output.

C) capital produces the same amount of output as an additional unit of labor.

D) capital produces more output than the previous unit.

E) capital produces less output than the previous unit.

 

28) The shape of the productivity curve reflects the

A) effects of capital accumulation.

B) effects of technological progress.

C) change in labor productivity as human capital increases.

D) law of diminishing marginal returns.

E) effects of population growth.

 

29) The productivity curve is a relationship between

A) real GDP per hour of labor and capital per hour of labor, with technology held constant.

B) nominal GDP per hour of labor and capital per hour of labor, with technology held constant.

C) real GDP per hour of labor and capital per hour of labor whenever technological growth occurs.

D) real GDP per unit of capital and capital per hour of labor, with technology held constant.

E) capital per hour of labor and technological growth.

 

30) The productivity curve is a relationship between ________ and ________.

A) real GDP; hours of labor

B) real GDP; capital

C) real GDP per hour of labor; capital

D) capital per hour of labor; labor per hour of capital

E) real GDP per hour of labor; capital per hour of labor