When a Person Becomes Better Educated and Is Able to Produce

question 53

Multiple Choice

When a person becomes better educated and is able to produce a better product,the person's education is an improvement in:

• A)human capital.
• B)physical capital.
• C)land.
• D)labor.

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Definitions:

Economic Role

The function or position held by an entity or individual within an economic system, influencing the allocation of resources and creation of goods and services.

Government

The system or group of people governing an organized community, often a state, and managing its affairs and resources.

Taxable Income

Taxable income is the portion of an individual's or corporation's income used to determine how much tax will be owed to the government.

Tax Revenues

The money obtained by governments as a result of taxation.