Why don’t wages measure the full return to labor? Why is human capital the most important factor of production in a modern economy?

Q: Money is an example of: 14 O Land O labor O physical capital None of the above.

A: Factors of production are the resources used used to produce final goods.    Factors of productions…

Q: Labour 300 Labour 600 Labour 900 Physical Capital Year 1 800 Answer 800 800 Physical Capital Year 2…

A: Output per worker is a measure of productivity calculated by dividing the total output by the number…

Q: Each of the following is generally considered to be a factor of production EXCEPT-  capital money…

A: Factors of production are resources and technology used in the production of goods and services.

Q: What were the broad differences in the balance of power between capital and labor in the US and…

A: Capital is an expansive term that can depict anything that presents worth or advantage to its…

Q: The Black Death, the catastrophic epidemic of plague that swept through Europe, led to a sharp drop…

A: The plague had such a significant impact on the relationship between European landowners and the…

Q: In reality, the economies of most countries are mixed rather than being pure market or command…

A: Pure market uses private ownership as the means of production but in the command economy, there is…

Q: Fishyland is a small country that focuses on her fishing industry. She has a production function of…

A: The production function shows the maximum amount of output an industry is able to produce by using…

Q: Which of the following statements about labour productivity (Y/L), also known as the average product…

A: Answered belowExplanation:The correct statements are: a. With a standard production function, if L…

Q: Average labour productivity is equal to

A: Average labor productivity is measured by taking the total output and dividing it by the number of…

Q: Describe the service economy briefly, and the nine supersectors.

A: According to the United States Census Bureau, the service sector produces intangible goods, more…

Q: Use what you know about economic base concepts to associate labor sectors with urban economies. Pre…

A: economic base theory The economic base hypothesis is a hypothesis that categorizes economic…

Q: Suds and Duds Laundry washed and pressed the following number of dress shirts per week: Week 1 2 3 4…

A: We are going to calculate labour productivity to answer this question.

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: Writing in 1776, Adam Smith was concerned not only with the profound effects of the division of…

A: An economic concept known as the division of labor involves splitting up a complicated production…

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

A: Actual CAPITAL or physical capital ARE THOSE PHYSICAL INPUTS WHICH ARE FURTHER USED IN THE…