1.

Which of the following is an example of human capital?

	a.	the comfortable chair in your room where you read economicstexts
	b.	the amount you get paid each week to work at the library
	c.	the things you have learned this semeste
	d.	any capital goods that require a human to be present tooperate

2.

Which of the following statements is correct?

	a.	By definition, all natural resources are nonrenewable.
	b.	Market prices give us reason to believe that natural resourcesare a limit to economic growth.
	c.	An economy must be blessed with ample quantities of naturalresources if it is to be a highly productive economy.
	d.	Differences in natural resources can explain some of thedifferences in standards of living around the world but not all ofit.

3.

Which of the following best states economists' understanding ofthe facts concerning the relationship between natural resources andeconomic growth?

	a.	A country with no or few domestic natural resources is destinedto be poor.
	b.	Differences in natural resources have virtually no role inexplaining differences in standards of living.
	c.	Some countries can be rich mostly because of their naturalresources and countries without natural resources need not be poor,but can never have very high standards of living.
	d.	Abundant domestic natural resources may help make a countryrich, but even countries with few natural resources can have highstandards of living.

4.

Which of the following statements is correct?

a.

Productivity is a determinant of human capital per worker.

b.

Technological knowledge is a determinant of productivity.

c.

Human capital and technological knowledge are the samething.

d.

All of the above are correct.

5.

“When workers already have a large quantity of capital to use inproducing goods and services, giving them an additional unit ofcapital increases their productivity only slightly.” Thisstatement

	a.	represents the traditional view of the production process.
	b.	is an assertion that capital is subject to diminishingreturns.
	c.	is made under the assumption that the quantities of humancapital, natural resources, and technology are being heldconstant.
	d.	All of the above are correct.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below 1 The correct answer is c Explanation The things you have learned this semester is an example of human capital Human capital refers to the ... View the full answer