Which of the Following Is Considered Human Capital

question 305

Multiple Choice

Which of the following is considered human capital?

• A)the ingredients a chef uses to prepare meals
• B)the pots and pans and other tools a chef uses to prepare meals
• C)the financial capital a chef uses to start his own restaurant
• D)the skills a chef learns when attending a class about cake decorating

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Definitions:

Quantity Demanded

The full quantity of a good or service that consumers are inclined and financially capable of purchasing at a designated price.

Price Elasticity

An indicator for the degree to which the supply or demand level of a good adjusts following a change in its price.

Midpoint Method

A technique used in economics to measure the elasticity of demand or supply, which calculates the percentage change between two points by dividing the difference by the average of those points.

Luxury

A luxury item is a good or service that is considered to be of high quality, often resulting in higher prices and perceived as non-essential but desirable if one has the means.