Question 212.5 pts Megan is a landscaper. Which of the following are included in

Question

Question 212.5 pts

Megan is a landscaper. Which of the following are included in her human capital?

Flag this Question

Question 222.5 pts

A barber shop produces 96 haircuts a day. Each barber in the shop works 8 hours per day and produces the same number of haircuts per hour. If the shop’s productivity is 2 haircuts per hour of labor, then how many barbers does the shop employ?

Flag this Question

Question 232.5 pts

If a Brazilian. company opens a new factory in Peru, it makes

Flag this Question

Question 242.5 pts

In medieval Europe an important technological advance was the use of the padded horse collar for plowing. Once this idea was thought of, other people used it. This illustrates that knowledge is generally a

Explanation / Answer

1) (b) Human capital refers to the stock of knowledge and skills in the economy.

Megan is a landscaper. So her knowledge of landscaping learned in college, but not her landscaping equipment is human capital.

2) (d) Productivity refers to output per labour hours employed. So here output is 96 haircuts and productivity is 2, so labor hours employed equals Output/productivity=96/2=48. Since each labor works for 8 hours and so no. of labor employed equal Total labor hours/8=48/8=6. Thus the barber shop employs 6 labor.

3) (a) If a Brazilian. company opens a new factory in Peru, it makes foreign direct investment and the factory will make a bigger impact on Peru’s GDP than on its GNP because FDI will boost output of Peru's economy while Brazilian economy will receive only factor income from from Peru which will not affect GNP much.

4) (a) Knowledge often acts as a share good in an economy. Knowledge is often non-rivalrous and non excludable. This illustrates that knowledge is generally a public good.

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.