Question 1

The saws, lathes, and drill presses that woodworkers at Cedar Valley Furniture use to produce furniture are called
A)human capital.
B)physical capital.
C)natural resources.
D)technological knowledge.

Accepted Answer

The saws, lathes, and drill presses are physical capital because they are tangible assets used in the production process.

Question 2

Industrial machinery is an example of
A)a factor of production that in the past was an output from the production process.
B)technological knowledge.
C)a production function.
D)an item which always has the property called constant returns to scale.

Accepted Answer

Industrial machinery is an example of a factor of production that was once an output from the production process, as machinery itself is produced before it can be used in the production of other goods.

Question 3

Industrial machinery is an example of
A)a factor of production that in the past was an output from the production process.
B)physical capital.
C)something that influences productivity.
D)All of the above are correct.

Accepted Answer

The answer of Industrial machinery is an example of
A)a factor...

Question 4

Which of the following is an example of human capital?
A)a student loan
B)knowledge learned from reading books
C)training videos for new corporate employees
D)All of the above are correct.

Accepted Answer

The answer of Which of the following is an example...

Question 5

Human capital is the
A)knowledge and skills that workers acquire through education, training, and experience.
B)stock of equipment and structures that is used to produce goods and services.
C)total number of hours worked in an economy.
D)same thing as technological knowledge.

Accepted Answer

Human capital refers to the knowledge and skills that workers acquire through education, training, and experience. It is an important factor in economic growth and development.

Question 6

Which of the following best illustrates the human capital of a survivor stranded on an island?
A)the fishing poles she has produced
B)the invention of a better fishing lure
C)the fresh fruit and fish on and around the island
D)her previous training in a survival course

Accepted Answer

The survivor's previous training in a survival course represents her human capital, which is the knowledge, skills and experience a person has acquired. The fishing poles, invention of a better fishing lure, and access to fresh fruit and fish are examples of physical capital and natural resources.

Question 7

Which of the following is an example of a produced factor of production?
A)a plant in which automobiles are assembled
B)skills that people accumulate in high school and college
C)skills that people accumulate through experience in the workplace
D)All of the above are correct.

Accepted Answer

The answer of Which of the following is an example...

Question 8

Which of the following is not an example of physical capital?
A)a new factory building
B)a delivery van
C)the knowledge of workers
D)the office chair in a lawyer's office

Accepted Answer

Physical capital refers to tangible assets that are used in the production process, such as buildings and equipment. The knowledge of workers falls under human capital, which refers to the skills, knowledge, and experience of individuals. The other options (factory building, delivery van, office chair) are all examples of physical capital.

Question 9

Which of the following is an example of physical capital?
A)the available knowledge on how to make semiconductors
B)a taxi-cab driver's knowledge of the fastest routes to take
C)bulldozers, backhoes and other construction equipment
D)All of the above are correct.

Accepted Answer

Physical capital refers to tangible assets such as buildings, equipment, and machinery used in the production of goods and services. Therefore, bulldozers, backhoes, and other construction equipment are examples of physical capital. Option A refers to human capital, and option B refers to intellectual capital.

Question 10

The Karmic Deed Restaurant uses all of the following to produce vegetarian meals. Which of them is an example of physical capital?
A)the owner's knowledge of how to prepare vegetarian entrees
B)the money in the owner's account at the bank from which she borrowed money
C)the tables and chairs in the restaurant
D)the fresh fruits, vegetables, and grains the restaurant uses to prepare its meals

Accepted Answer

Physical capital refers to the tangible assets used in the production process, such as equipment, machinery, and buildings. In this case, the tables and chairs in the restaurant are physical capital, as they are tangible assets used in the production and delivery of the restaurant's vegetarian meals. The other options describe the owner's human capital, financial capital, and natural resources, respectively.

Question 11

Which of the following is an example of human capital?
A)the comfortable chair in your dorm room where you read economics texts
B)the amount you get paid each week to work at the library
C)the things you have learned this semester
D)any capital goods that require a human to be present to operate

Accepted Answer

Human capital refers to the knowledge, skills, and abilities that a person possesses. Option C explicitly references "the things you have learned this semester", which reflects an example of human capital. Options A and D are physical objects, whereas option B refers to a monetary compensation for labor, none of which qualify as human capital.

Question 12

Which of the following is a part of your economics professor's human capital?
A)the things she learned at some prestigious university
B)her copy of Mankiw's text
C)her chalk holder
D)All of the above are correct.

Accepted Answer

Human capital refers to the knowledge, skills, and abilities that individuals possess and can use to contribute to the economy. The things she learned at some prestigious university are an example of her human capital. The other choices, her copy of Mankiw's text and chalk holder, are physical resources and not part of her human capital.

Question 13

Megan is a landscaper. Which of the following are included in her physical capital?
A)her knowledge of landscaping learned in college and her landscaping equipment
B)her knowledge of landscaping learned in college, but not her landscaping equipment
C)her landscaping equipment, but not her knowledge of landscaping learned in college
D)neither her knowledge of landscaping learned in college nor her landscaping equipment

Accepted Answer

The answer of Megan is a landscaper. Which of the...

Question 14

Ralph is a plumber. Which of the following are included in his human capital?
A)the knowledge he learned on the job, and the tools he uses
B)the knowledge he learned on the job, but not the tools he uses
C)the tools he uses, but not the knowledge he learned on the job
D)neither the knowledge he learned on the job nor the tools he uses

Accepted Answer

The answer of Ralph is a plumber. Which of the...

Question 15

Which of the following is an example of human capital?
A)textbooks
B)hand held power tools
C)knowing how to repair cars
D)All of the above are correct.

Accepted Answer

Human capital refers to the knowledge, skills, and experience that individuals possess and can use to generate economic value. Knowing how to repair cars is an example of human capital because it is a specific skill that can be used to provide services and earn income. Textbooks and hand held power tools are physical resources, not human capital.

Question 16

Which of the following is an example of physical capital?
A)the computer a secretary uses
B)rivers on which goods are transported
C)the skills and knowledge of a doctor
D)All of the above are correct.

Accepted Answer

Physical capital refers to tangible assets used in the production process. The computer used by a secretary is a tangible asset, making option A the correct choice. Option B refers to natural resources (rivers), and option C refers to human capital (skills and knowledge of a doctor), neither of which is an example of physical capital.

Question 17

Which of the following is an example of a produced factor of production?
A)corn that is harvested from a field in Iowa
B)workers who are hired at a coal mine in West Virginia
C)skills that teachers in Texas acquire through continuing-education classes
D)All of the above are correct.

Accepted Answer

A produced factor of production is something that has been created by humans and is used to produce goods or services. Corn harvested from a field and workers hired at a coal mine are natural resources and labor, respectively, which are not produced by humans. The skills that teachers acquire through continuing-education classes are produced by humans and can be used to produce educational services. Therefore, choice C is the only example of a produced factor of production.

Question 18

The equipment and structures available to produce goods and services are called
A)physical capital.
B)human capital.
C)the production function.
D)technology.

Accepted Answer

Physical capital refers to the tools, machinery, buildings, and other tangible assets used in production. It is crucial to the production process and allows businesses to efficiently create goods and services.

Question 19

Which of the following is considered human capital? Knowledge acquired from
A)early childhood education programs
B)job training
C)on-the-job experience
D)All of the above are correct.

Accepted Answer

All of the choices listed involve acquiring knowledge and skills that can be used to enhance one's economic productivity, and thus all are considered forms of human capital. Early childhood education programs help to build a foundation of knowledge and skill development, job training provides specialized knowledge for a particular job or industry, and on-the-job experience helps to develop practical skills and knowledge specific to a particular workplace or role.

Question 20

Which of the following is an example of physical capital?
A)the strength of workers
B)on the job training
C)financial assets like cash and bonds
D)the equipment in a factory

Accepted Answer

Physical capital refers to man-made goods that are used to produce other goods or services, such as machinery, equipment, tools, or buildings. The equipment in a factory is an example of physical capital. A) is incorrect as it refers to human capital. B) is incorrect as it refers to intangible capital. C) is incorrect as it refers to financial capital.

Quiz 25: Production and Growth

The saws, lathes, and drill presses that woodworkers at Cedar Valley Furniture use to produce furniture are called

Industrial machinery is an example of

Industrial machinery is an example of

Which of the following is an example of human capital?

Human capital is the

Which of the following best illustrates the human capital of a survivor stranded on an island?

Which of the following is an example of a produced factor of production?

Which of the following is not an example of physical capital?

Which of the following is an example of physical capital?

The Karmic Deed Restaurant uses all of the following to produce vegetarian meals. Which of them is an example of physical capital?

Which of the following is an example of human capital?

Which of the following is a part of your economics professor's human capital?

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

Ralph is a plumber. Which of the following are included in his human capital?

Which of the following is an example of human capital?

Which of the following is an example of physical capital?

Which of the following is an example of a produced factor of production?

The equipment and structures available to produce goods and services are called

Which of the following is considered human capital? Knowledge acquired from

Which of the following is an example of physical capital?