What is human capital, and how does it affect U.S. productivity?
What will be an ideal response?
Human capital is the knowledge and skills possessed by the workforce. The U.S. economy has invested heavily in human capital through education and job training. The high productivity of the U.S. economy is the direct result of the high quality of its resources, including well-educated workers.
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If different people own the different stages of production of a commodity, a contract or market relationship helps to minimize transaction risks and creates economic value
Indicate whether the statement is true or false
The total utility of water is
A) lower than the total and marginal utility of diamonds. B) lower than the total utility of diamonds, but the marginal utility is higher. C) higher than the total utility of diamonds, but the marginal utility of diamonds is higher. D) the same as the total utility of diamonds, but the marginal utilities are the same.