Human capital is defined as the:
A. amount of capital that is operated by workers in a firm.
B. amount of capital that is operated by workers in an industry.
C. amount of workers a firm employs.
D. set of skills, knowledge, experience, and talent that determine the productivity of workers.
D. set of skills, knowledge, experience, and talent that determine the productivity of workers.
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Which of the following is true for BOTH monopoly and a perfectly competitive firm?
A) The demand for the individual firm's product is perfectly elastic. B) Economic profits can be sustained indefinitely over time. C) The marginal revenue curve is horizontal at the market equilibrium price. D) Profits are maximized by producing at the level of output where marginal revenue is equal to marginal cost.
If you borrow money at a nominal interest rate of 5 percent and the inflation rate is 10 percent, what real interest rate will you pay?
a. -5 percent b. 0.5 percent c. 2 percent d. 5 percent e. 10 percent