Which of the following is not part of a worker's human capital ?
Correct answer: D. effort
- A. education
- B. experience
- C. all of these answers are parts of a worker's human capital
- D. effort
- E. on the job training
Explanation
Education, experience and on-the-job training are stocks of knowledge and skills that form human capital. Effort is a worker's current input or performance, not human capital itself.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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