The term human capital describes:
improvement in a worker's skills made possible by education, training and
knowledge.
The skills, training, and education possessed by workers that contribute to economic growth are known as:
human capital.
Technological progress allows workers to produce more:
even when the amount of physical capital and human capital do not change.
If technology advances, then:
more output can be obtained from the same inputs.
To acquire human capital a person would:
save to buy a printing press.
Diminishing returns to physical capital means that when the amount of human capital per worker and the state of technology are held fixed, each increase in the amount of physical capital per worker leads to:
a smaller increase in the marginal product of labor.
Growth accounting enables us to:
calculate the effects of technological progress on economic growth.
An increase in capital stock would:
cause a movement to the right along a stationary production function.
Which of the following countries would NOT be characterized by abundant farmland and mineral deposits?
Japan
In 1798, the English economist Thomas Malthus predicted that:
rising population growth would cause productivity to fall.