Answered: Human wealth is given by: the present…

Human wealth is given by: the present value of labor income. Health. O human capital accumulation. government transfers. O Education.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter16: Economic Growth

Section: Chapter Questions

Problem 14E

See similar textbooks

Related questions

Q: Suppose some country had an adult population of about 50 million, a labor-force participation rate…

A: Population = 50 million Labour Force Participation = 60% Unemployment = 5%

Q: The accumulated knowledge, skills, and expertise of the average worker in an economy is known as O…

A: In a market, there are different resources used by a firm during the production process that…

Q: Which of the following actions is an example of an improvement in human capital? A. Marcus hires…

A: Improvement in human capital or its formation is an effective way of increasing the productive base…

Q: Difference between labour market and goods market

A: Labor is a factor of production used to produce the goods and services in the production process.…

Q: 1. Which of the following happens when the country's labour is more productive? a. A decrease in…

A: In the market, labor productivity defines the ability of labor to produce output. It explains how…

Q: Which type of worker would earn the high income but has lesser marginal productivity? a.Fashion…

A: At the marketplace, it can be seen that different occupation provide different range of income to…

Q: An example of human capital would be: O A carpenter's saw. Workman's comp insurance. A computer. O…

A: Employers can increase the productivity of capital through spending in their employees, training,…

Q: What are the likely effects of technological advancements on the labor market in terms of employment…

A: The issue is to evaluate the effect of mechanical progressions on the work market, explicitly what…

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: Which of the following actions is an example of an improvement in human capital? O A. Marcus hires…

A: The development of skills in workers leads to human capital. This increases the productivity.

Q: Human capital refers to the accumulated skills and training that workers have. O the money people…

A: Human capital is extremely crucial to a company since it is frequently claimed that an organisation…

Q: The main reason the cost of living varies acrossregions of the country is differences in the price…

A: The cost of living refers to the required amount of money to meet the basic expenses of a family…

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: how many workers are not in the labor force

A: Labor force refers to the group of employed as well as unemployed people. It includes all those…

Q: What would NOT be considered a factor of production? O labour O O capital O land stocks

A: Ans. Factors of production are the factors that use in the production process to produce goods and…

Q: Human capital is

A: Human capital is one of the important resources of many countries. Increase in human capital will…

Q: 14. In which form, the largest percentage of national income is earned? A. O Interest income B. O…

A: National Income is the aggregate earning of country's production in the current year which includes…

Q: Derive the producer surplus for a firm with supply function qs (p) = ap", where a > 0 and r

A: Producer Surplus The producer surplus is the area above the supply curve but below the equilibrium…

Q: The labor force is made up of all people who are at least 16 years old and are capable of working.…

A: (Q) The labor force is made up of all people who are at least 16 years old and are capable of…

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: In a centrally planned economy, the government decides how economic resources will be allocated. A…

A: 1) In a planned economy, production, allocation of capital goods, and investment all occur in…

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: Which one of the following is a characteristic of the service sector? Intangible products O Little…

A: The service sector produces services rather than producing products.

Q: 1. What are three reasons a worker's wage might be above the level that balances supply and demand?…

A: In economics, the labor market refers to the supply and demand for labor. The supply of labor comes…

Q: Most of the jobs that were added to the American economy over the past thirty years were in which of…

A: The phrase "blue collar" was coined because people who performed physical labour in the past wore…

Q: Physical capital is A) the factories and machinery used to produce other goods and services. B) the…

A: In business and economics, there are numerous production elements or steps that go into creating a…

Q: Which type of income is composed of both the labour income and capital income of those person who…

A: The amount earned by employed people by working is referred to as labour income. To separate it from…

Q: Chose the trrue statement. a. Sincce the mid 1800ss , Unitedd States of America has experienced…

A: The answer is - c. The Clarrk-Fisher hypothhesis implies that as productivity increases in one…

Q: What is the individual’s human wealth? Total wealth?

A: Wealth: It is the estimation of the relative multitude of assets that are controlled by an…

Q: What is the term for the physical and intellectual contributions of people while engaged in the…

A: The production of goods and services is achieved with help of human and other resources. The human…

Q: What is meant by the term humancapital? O a. Those who must continually learn and use theoretical…

A: Solution is given below

Q: Which of the following is an investment in human capl O A firm engages in on-the-job training. O An…

A: Human capital is the amount of knowledge, skills, health, and experience posses by the worker.

Question

Human wealth is given by:
the present value of labor income.
Health.
O human capital accumulation.
O government transfers.
O Education.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Define Human wealth

VIEW

Step 2: Explain the correct option

VIEW

Step 3: Explain the incorrect options

VIEW

Solution

VIEW

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Which of the following actions is an example of an improvement in human capital? O A. Marcus hires three workers for his thriving electrical business. B. Michelle applies for a job as a mechanical engineer at Honeywell. C. Hawk Builders of Phoenix builds two new hospitals. D. Frank's Furniture trains all of its employees to use computers.
Which of the following is an investment in human capital? O A firm engages in on-the-job training. O An individual decides to enroll in a vocational training program. O All of the answers. O The government expands its programs to improve health care.
Answer this for me mate. Much appreciated.
Most of the jobs that were added to the American economy over the past thirty years were in which of the followingsectors?a. service and white-collarb. manufacturingc. miningd. skilled blue-collar
11
Which type of income is composed of both the labour income and capital income of those person who provide both labour and capital services One word
Difference between labour market and goods market
Suppose some country had an adult population of about 50 million, a labor-force participation rate of 60 percent, and an unemployment rate of 5 percent. How many people were employed? Select one: a. 28.5 million O b. 1.5 million O c. 47.5 million O d. 30 million Next page E page e to search
What are the likely effects of technological advancements on the labor market in terms of employment and wages? A. Technological advancements lead to widespread unemployment and lower wages. B. Technological advancements create new jobs but generally at lower wages. C. Technological advancements eliminate some jobs but also create new ones, often with higher wages in newly emerging sectors. D. Technological advancements have no significant effect on employment or wages.
Chose the trrue statement. a. Sincce the mid 1800ss , Unitedd States of America has experienced substantial migration in workforce in the following order: From service sector to agriculture, and then from agriculture to manufacturing. b. Moderniization or advances in technology, and smarrter processes are example factors that have increased manufacturing productivity in the US. c. The Clarrk-Fisher hypothhesis implies that as productivity increases in one sector, the labor force moves to another sector. d. b and c are true.
The figure shows the cost of college for high- and low-productivity workers. Based on the college wage premium: Income 400 (thousands of dollars a year) 300- 200 100 Cost low productivity Cost high productivity College 4-year wage premium Years of college O a. neither type of worker will get a four-year degree. O b. high-productivity workers will get a four-year degree. O c. all workers will get a four-year degree. O d. high-productivity workers will choose six years of college.
What is meant by the term humancapital? Those who must continually learn and use theoretical and analytical knowledge in their work. O b. The ideas and effort that are put into the production process by individuals. O c. The total number of people employed by a firm. O d. The quantity of labour employed through employment agencies. The accumulation of all skills and knowledge acquired by individuals.