Which of the Following Is Counted as "Capital" in Economics

question 75

Multiple Choice

Which of the following is counted as "capital" in economics?

• A)the money people have
• B)the machines workers have to work with
• C)the accumulated skills and training workers have
• D)the wealth people have

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Definitions:

Von Neumann-Morgenstern

A theory of expected utility, which provides a method for making decisions based on the expected outcomes of various choices.

Expected Value

A statistical concept that calculates the average outcome when the future includes scenarios that may or may not happen.

Natural Logarithm

A mathematical function denoted as ln(x), representing the time needed to reach a certain level of growth at a constant growth rate of 100%.

Utility Function

A mathematical model that represents consumer preferences by assigning a level of utility, or satisfaction, to different bundles of goods or services.