SOLVED

61) Human capital is A) solely the innate ability we are born with. B) the money humans have saved. C) the knowledge humans accumulate through education and experience. D) machinery that needs human supervision. E) any type of machinery. 62) When Ethan continues his education beyond high school he is increasing his A) capital. B) wage rate. C) human capital. D) quantity of labor. E) rent. 63) ________ is the human resource that organizes labor, land, and capital. A) Human capital B) Human skill C) A gift of nature D) Entrepreneurship E) Profit 64) Wages are paid to ________ and interest is paid to ________. A) entrepreneurs; capital B) labor; capital C) labor; land D) entrepreneurs; land E) labor; entrepreneurs 65) The income earned by entrepreneurs is A) interest. B) wages. C) profit or loss. D) rent, wages, and interest. E) a mixture of rent, wages, interest, and profit. 66) Dividing the nation’s income among the factors of production, the largest percentage is paid to A) labor. B) land. C) capital. D) entrepreneurship. E) labor and capital, with each receiving about 41 percent of the total income. 67) ________ earned the highest amount of income among the factors of production in the United States. A) Labor B) Capital C) Land D) Entrepreneurship E) Investment 68) In the United States, the richest 20 percent of households receive about ________ percent of total income. A) 4 B) 15 C) 23 D) 50 E) 33 69) In the United States, the poorest 20 percent of households receive about ________ percent of total income. A) 3 B) 15 C) 23 D) 49 E) 20 70) The personal distribution of income shows A) that labor receives the largest percentage of total income. B) how profit accounts for the largest fraction of total income. C) that the richest 20 percent of households receive 23 percent of total income. D) that interest accounts for most of the income of the richest 20 percent of households. E) that the poorest 20 percent of households receive less than 4 percent of total income.