The term human capital describes:
improvement in a worker's skills made possible by education, training and
The skills, training, and education possessed by workers that contribute to economic growth are known as:
Technological progress allows workers to produce more:
even when the amount of physical capital and human capital do not change.
Diminishing returns to physical capital means that when the amount of human capital per worker and the state of technology are held fixed, each increase in the amount of physical capital per worker leads to:
a smaller increase in the marginal product of labor.
Growth accounting enables us to:
calculate the effects of technological progress on economic growth.
An increase in capital stock would:
cause a movement to the right along a stationary production function.
Which of the following countries would NOT be characterized by abundant farmland and mineral deposits?