19) Which of the following is an investment in human capital? A) The city government green lights the construction of a new concert arena. B) Rayburn Tool and Die Company purchases a new die-cutting machine. C) Displaced workers return to school to update their skills. D) Thompson Temp Agency replaces its desktop computers with laptop computers.
19) Which of the following is an investment in human capital?
A) The city government green lights the construction of a new concert arena.
B) Rayburn Tool and Die Company purchases a new die-cutting machine.
C) Displaced workers return to school to update their skills.
D) Thompson Temp Agency replaces its desktop computers with laptop computers.
20) Which of the following is an investment in human capital?
A) An individual decides to enroll in a vocational training program.
B) A firm engages in on-the-job training.
C) The government expands its programs to improve health care.
D) all of the above
21) Embodied technical change results in
A) an increase in physical capital.
B) disembodied technical change.
C) an improvement in the quality of capital.
D) a decrease in labor productivity.
22) Disembodied technical change is one reason why
A) human capital is more valued in an economy than physical capital.
B) the quality of capital had decreased.
C) labor productivity has increased over time.
D) increases in population decrease labor productivity.
23) Disembodied technical change results in
A) a change in the production process.
B) embodied technical change.
C) population growth.
D) an increase in the labor supply.
24) All of the following could result in negative disembodied technical change EXCEPT
A) environmental regulations.
B) health regulations.
C) safety regulations.
D) All of the above could result in negative disembodied technical change.
25) Suppose that growth in output that can be attributed to growth in labor and capital is 4%. If output grows at a rate of 4%, it must be the case that
A) the economy is experiencing technological progress.
B) growth in labor force exceeds growth in capital.
C) growth in capital exceeds growth in labor.
D) the economy is not experiencing technological progress.
26) Suppose that growth in output that can be attributed to growth in labor and capital is 3%. If output grows at a rate of 6%, it must be the case that
A) the economy is not spending enough on acquiring human capital.
B) the economy is experiencing technological progress.
C) growth in labor exceeds growth in capital.
D) growth in capital exceeds growth in labor.
27) Innovation is the use of ________ to improve productivity and enhance
A) knowledge
B) physical capital
C) natural resources
D) an increased labor force
28) An advance in knowledge is
A) an invention.
B) an innovation.
C) human capital accumulation.
D) all of the above
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