Question

In: Economics

What is the distinction between capital and the services of​ capital? ​______ the​ tools, instruments,​ machines,...

What is the distinction between capital and the services of​ capital? ​______ the​ tools, instruments,​ machines, buildings, and other constructions that have been produced in the past and that businesses now use to produce goods and services. The market for​ ______ is a rental market.

A. Capital​ is; capital services

B. The services of capital​ are; capital services

C. Capital​ is; capital

D. The services of capital​ are; capital

Choose the correct statement.

A.

All labor services require physical work effort.

B.

A labor union introduces an element of monopoly on the demand side of the labor market.

C.

Supply and demand determine the wage rate and quantity of labor employed in competitive labor markets.

D.

The greatest percentage of U.S. jobs are categorized as​ "casual labor".

Solutions

Expert Solution

Answer: A. Capital​ is; capital services

​Capital is the​ tools, instruments,​ machines, buildings, and other constructions that have been produced in the past and that businesses now use to produce goods and services. The market for capital services is a rental market.

The capital is a produced means of production. It is different kinds of tools, instruments,​ machines, buildings, and other constructions that have been produced in the past and that businesses now use to produce goods and services.

The market from where the capital services are hired is called the rental market.

_______________________________________________________________________

Choose the correct statement.

Answer: C. Supply and demand determine the wage rate and quantity of labor employed in competitive labor markets.

In a competitive market, where there is no government regulation, the the wage rate and quantity of labor employed are determined by the free interplay of demand - supply forces.

__________________________________________________________________________

Rahul Sunny answered 1 year ago
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