1.Which of these statements describes an economy’s stock of human capital? A.Number of hours worked per...

1.Which of these statements describes an economy’s stock of human capital?

A.Number of hours worked per year.

B.Number of engineering degrees held by workers

C.Value of the production per type of worker.

2.Which factors would increase the aggregate production function?

A.Aging airport facilities that cause flight delays.

B.Restrictions on immigration.

C.A robot that fills up prescriptions faster and more accurately than pharmacists.

3.Which of the following would NOT directly result in capital deepening?

A.Increase in quality of physical capital.

B.Increase in quantity of physical capital.

C.Increase in amount of labor available to businesses start ups.

Expert Solution

1) The correct option is c) The value of the production per type of worker
Human capital is the elements of production that a worker has that can add value to the quality of the product he produces. Hence an economy's stock of human capital can be the value of the production per type of worker. Different types of workers will have different values of production which determines an economy's stock of human capital.

2) The correct option is C) A robot that fills up prescriptions faster and more accurately than pharmacists. This is a factor that would increase the aggregate production function as better technology leads to an increase in output and capital, which in turn increases aggregate production function.

3) The correct option A) Increase in quality of physical capital.
Capital deepening is the increase in the capital-labor ratio, hence it does not depend on the quality of the labor and the physical quality. Hence it depends on the quantity of capital and labor. This is why the increase in the quality of physical capital does not directly result in capital deepening.

Rahul Sunny answered 8 months ago

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