What is the difference between physical capital and human capital?
What will be an ideal response?
Physical capital includes manufactured goods which are used to produce other goods and services. Human capital refers to the accumulated education, training, and skills that workers possess.
Economics
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Economist Alban William Phillips believed that: a. the Fed should follow a policy rule because it does not know the lag structure. b. the Fed should follow a policy rule to avoid monetary surprises
c. there is an inverse relationship between inflation and unemployment. d. private sector spending is inherently unstable. e. government spending is inherently unstable.
Economics
The minimum wage does not apply to
a. jobs for teenagers. b. jobs for members of minority groups. c. unpaid internships. d. jobs that include on-the-job training.
Economics