Human capital refers to the accumulated skills and training that workers have. O the money people have. O the machines that workers have to work with. O the wealth people have.

Q: Why is the scientific revolution an insufficient explanation for the Industrial Revolution? The…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following is non-rivalrous and does not have to suffer from diminishing returns? O a.…

A: Diminishing returns define the phenomenon where the marginal output of a production factor decreases…

Q: In a country such as China that has a massive population, O the marginal productivity of profits…

A: Diminishing marginal returns: The decreasing marginal returns is a well accepted economic concept.…

Q: Adam Smith believed that specialization is limited by: O a. the size of the market. O b. the number…

A: Free markets refer to the markets where the demand and supply levels of goods and services determine…

Q: Name the four factors of production and the incomes they earn. The factor of production and the…

A: Factors of productions are referred to as those inputs which are used in the process of production…

Q: An example of income earned but not received is O a. welfare payments. O b. consumption.…

A: An example of income earned but not received is "c. undistributed profits."Undistributed profits are…

Q: Labor market pooling from a cluster of firms can workers O decrease: decrease O decrease increase O…

A: A labor market is the framework through which employers and workers communicate and settle on the…

Q: Refer to the figure given below. A Lorenz Curve On the Lorenz curve shown in the diagram, 100- O A.…

A: Lorenz curve is a measure of inequality in the economy. Cumulative percentage of families is taken…

Q: The level of economic activity is calculated using the income method by O A. tracking the flow of…

A: GDP is the market value of all the final goods and services produced in the economy at a specific…

Q: Human wealth is given by: the present value of labor income. Health. O human capital accumulation.…

A: Human wealth is the summation of health, experience, skills, education, and income of the people. It…

Q: Stage of Production 1 2 3 Table 5 B) $15,000. C) $18,000. D) $25,000. Seller Steel mill Auto…

A: Value added by the actual value added by a person in GDP.  GDP is is gross domestic product.  GDP…

Q: Which of the following best represents the distribution of labor in modern economies? A. 1/3…

A: According to the modern economists sees the economics as a science of efficiency and growth that…

Q: Quantity of Labor Number of Baseballs Per Day 1 100 240 360 4 440 500 39. Refer to Table. This table…

A: Marginal Product of third labour  (MP) = 360 - 240 =120

Q: QUESTION 2 Assume the following: • Change in output = 50 units • Change in labor = 1 unit • Price of…

A: The value of marginal product of labour  is defined as: VMPL = P * MPL Where P is price, MPL can be…

Q: Which of the following could lead to an increase in the marginal revenue product (MRP) of labor? O…

A: The marginal product of labor measures the change in output due to the change in labor by one unit.…

Q: Suppose that the share of population employed in Country B is 60 percent, and that Countries B and D…

A: GDP per capita which is considered an indicator of a country's standard of living, is calculated by…

Q: The figure shows the cost of college for high- and low-productivity workers. Based on the college…

A: Productivity has a positive relationship with the wages of the employees. Once an employees starts…

Q: The price of statistical software and powerful computing falls. What happens to the labor market for…

A: The quantity of people that enterprises are willing and able to hire at a particular wage rate is…

Q: An economy's infrastructure refers to its Opublic capital goods, such as roads, schools, and power…

A: An economic system constitutes the arrangement and coordination of procedures directing the…

Q: In the specific factors model, labour is defined as a as a specific factor. a. variable factor;…

A: Specific factor model determines how different factors of production are used in different…

Q: The owners of capital resources are compensated according tothe a. purchase price of the capital…

A: Capital resources are human-made resources that aid in the production of a good or service. Examples…

Q: In the productivity curve figure, the impact of eduction and training that increases workers' human…

A: The answer is - B. a shift from A to B

Q: 03. If production is represented by y=AL 2, where L represents employment, what is the marginal…

A: Marginal productivity of labor is defined as the change in total output when the labor units…