Human Capital

What are the 3 main economic questions each country has to answer?

• I am the creator, you are not the creator.

• What should we produce? How should we produce it? For whom should we produce it?

• food, chores

• monkey

How does a Command Economy answer the 3 main economic questions?

• Government planning

• you

• the president

• don`t pick me

In a Free Market Economy, what are the 3 main economic questions answered by?

What type of economic system do most countries with Democratic Governments have?

• Capitalist economic system
• Socialist economic system
• Communist economic system
• Mixed economic system

What type of economic system does Mexico have?

• Traditional economy
• Mixed economy
• Command economy
• Capitalist economy

Describe Cuba’s economic and government system. Who makes all the decisions?

• The Illuminati
• The Royal Family of Cuba
• The Communist Party of Cuba
• The United Nations

What is a country’s literacy rate? How is this related to employment and overall GDP?

• A country's literacy rate is the percentage of people who can play musical instruments. It is related to employment and overall GDP as higher literacy rates are associated with lower employment rates and economic productivity.
• A country's literacy rate is the percentage of people who can solve complex math problems. It is related to employment and overall GDP as higher literacy rates are associated with lower employment rates and economic productivity.
• A country's literacy rate is the percentage of people who can read and write. It is related to employment and overall GDP as higher literacy rates are associated with higher employment rates and economic productivity.
• A country's literacy rate is the percentage of people who can speak multiple languages. It is related to employment and overall GDP as higher literacy rates are associated with lower employment rates and economic productivity.

Give some examples of investments in human capital.

• Investments in physical capital
• Education, training programs, mentorship, health and wellness initiatives
• Social media usage
• Vacation time

Give some examples of investments in capital goods.

• land, building, machinery

• nothing

• Publix

• Walmart

If a country has a high GDP what can we infer about their standard of living and literacy rate?

• Higher standard of living but lower literacy rate
• Lower standard of living and higher literacy rate
• No correlation between GDP and standard of living or literacy rate
• Higher standard of living and literacy rate are likely to be higher.