ECON TEST 2 Flashcards
1
Q
Human Capital
A
knowledge and skills workers acquire through education, training and experience
2
Q
Physical Capital
A
Stock of equipment
3
Q
Which organization helps advanced countries invest in poorer countries?
A
World Bank and International Monetary Fund
4
Q
What must policymakers do to promote growth in a country’s living standards?
A
Tax incentives, patent laws, Grants for research
5
Q
What is the most significant variable that affects living standards?
A
Tech progress
6
Q
What is productivity?
A
Quantity of goods and services produced from each unit of labor.
