Please see below. True or false answers. I believe that all the items below are true. Physical capital includes the knowledge and skills workers have gained througheducation and experience.TrueFalse When workers participate in a competitive and well-functioning labor market, theyhave an incentive to acquire additional human capital, because additional educationand skills will pay off in higher wages.TrueFalseEconomic convergence is the idea that low-income and middle-income economiesgrow faster than those of high-income countries.TrueFalse

Answered: Physical capital includes the knowledge…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please see below. True or false answers. I believe that all the items below are true.

Physical capital includes the knowledge and skills workers have gained through
education and experience.
True
False

When workers participate in a competitive and well-functioning labor market, they
have an incentive to acquire additional human capital, because additional education
and skills will pay off in higher wages.
True
False
Economic convergence is the idea that low-income and middle-income economies
grow faster than those of high-income countries.
True
False

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