Which of the Following Is an Example of Human Capital

question 61

Multiple Choice

Which of the following is an example of human capital?

• A)Machines built by people.
• B)Formal education acquired in schools.
• C)On-the-job training.
• D)Both b and c are correct.

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Definitions:

Central-Planning Economies

Economic systems where the government or central authority makes all decisions about the production and distribution of goods and services.

Free-Market Economies

Economic systems where prices for goods and services are determined by the open market and consumers, with minimal government intervention.

Rising Prices

Rising prices refer to an increase in the cost of goods or services over time, often indicative of inflationary trends in the economy.

Trade

The exchange of goods, services, or both within and between countries.