If On-The-Job Experience Causes Labor Productivity to Increase,that Is the Result

question 58

True/False

If on-the-job experience causes labor productivity to increase,that is the result of an improvement in human capital.

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Definitions:

Present Value

The contemporary value of money or cash flows due in the future, calculated with a designated rate of return.

Received

To have been given, accepted, or acknowledged something that is sent or provided.

Economic Rent

The excess payment made to a factor of production over and above what is needed to keep it in its current use.

Land

In economics, it refers to all natural resources used to produce goods and services, one of the factors of production.